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Feds seize assets of major Flushing bank

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The founder of a Golden City Commercial Bank headquartered in Flushing is a fugitive after failing to appear at an arraignment hearing in State Supreme Court on charges of defrauding the bank, Manhattan District Attorney Robert Morgenthau said.

The New York State Banking Department seized the bank, which had total assets of $89.3 million, and turned it over to the Federal Deposit Insurance Corp.

The FDIC sold Golden City

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