Federal Agents Investigation Bank's Affairs
Article taken from the The Lima News, June 27, 1933
Portsmouth, O., June
27
The Scioto-co grand jury today informed Common Pleas Judge Russell K. McCurdy
that federal agents are investigating the affairs of the First National bank
of Portsmouth, which has been operating under restrictions since the national
banking holiday.
The jury reported to the court after Judge McCurdy had asked that it conduct
an inquiry into the affairs of the bank, the largest financial institution in
the city.
The federal investigation was launched after Judge McCurdy told the grand jury
to investigate a report that loans had been made by the bank to two of its directors
under other names. There was evidence, the jury reported, tending to indicate
violation of federal banking statutes. It added that it found no criminal
violation of Ohio banking laws.