| For immediate release |
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The Federal Reserve Board today announced the issuance of a Notice of Suspension against Joseph C. Liu, the President, Chief Executive Officer and a director of the Great Eastern Bank, Flushing, New York. Mr. Liu is being suspended from his positions at the Great Eastern Bank on account of his indictment and arrest today on charges of conspiracy, the misapplication of bank funds, and the making of false entries in the bank's books and records. The suspension is effective pending the resolution of the criminal charges against Mr. Liu, or until the Board terminates the Notice of Suspension. The Board's action against Mr. Liu has been coordinated with the U.S. Attorney's Office for the Eastern District of New York. The board of directors of the Great Eastern Bank will be appointing William J. Laraia, the former President of The Apple Bank, New York, as the new President of the bank. A copy of the Notice of Suspension is attached (11 KB PDF). |