First Central Financial makes announcement.LYNBROOK Lynbrook, village (1990 pop. 19,208), Nassau co., SE N.Y.; inc. 1911. It is a suburb of New York City on the south shore of Long Island. There is sheet-metal and furniture manufacture. Old Church dates from 1800. The area was settled in 1785 and was called Bloomfield. , N.Y.--(BUSINESS WIRE)--March 10, 1997--First Central Financial Corp. (ASE-FCC) announced today additional information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the operations of First Central's principal subsidiary, First Central Insurance Co., a property and casualty insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. . First Central is developing a plan intended to restructure and strengthen the operations of its insurance company subsidiary and attract a substantial capital investment. As a first step in First Central's plan, First Central announced that the insurance company subsidiary has determined not to write any new business until it has improved its operations and financial condition. The insurance company subsidiary continues to process policy renewals and service its existing business. The capital investment is necessary to enable First Central to meet its obligations, principally the Aug. 1, 1997 interest and sinking fund sinking fund, sum set apart periodically from the income of a government or a business and allowed to accumulate in order ultimately to pay off a debt. A preferred investment for a sinking fund is the purchase of the government's or firm's bonds that are to be paid obligations on its outstanding 9% Convertible Subordinated Debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before , and to provide the insurance company subsidiary with such additional capital as will enable it to resume normal operations Generally and collectively, the broad functions that a combatant commander undertakes when assigned responsibility for a given geographic or functional area. Except as otherwise qualified in certain unified command plan paragraphs that relate to particular commands, "normal operations" of . There can be no assurance that First Central will develop and implement a plan which will successfully restructure and strengthen the insurance company's operations. In addition, while several investment proposals have been submitted to and are under consideration by First Central, there can be no assurance that First Central will be able to attract the necessary additional capital. CONTACT: First Central Financial Corp. Vincent Esposito, 516/593-7070 |
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