Malta Bank Closes

POSTED BY: George Hiotis
Friday, May 4, 2001 - 08:51 AM
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An area bank has been forced transfer its money. Federal regulators closed the Malta National Bank in Morgan county. The office of the Comptroller Of The Currency says the bank engaged in ungound practices and incurred significant losses that are likey to continue. The Federal Deposit Insurance Corporation has been appointed as the bank's receiver. The F-D-I-C in turn, signed an agrement with North Valley Bank of Zanesville, which will take over all the deposits of Malta National. The Malta bank will reopen today as a branch of North Valley Bank. In February, Former Malta National President, Fred Davis was sentenced to 18 months in prison for embezzling 392-thousand dollars from the bank, over a two year period. When word got out, customers withdrew 7.5 million dollars, about half of the bank's deposits at the time.

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