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NYC medallion loans were marked down to $358,000 per medallion, representing SBNY's net (after selling costs) valuation of NYC medallions. All medallion loans were put on non accrual status. Regarding non accrual status, the FDIC writes: "If collectability of remaining recorded investment in a nonaccrual asset is in doubt, any payments received (including those designated as interest) must be applied to reduce recorded investment to extent necessary to eliminate this doubt." Director Stanley Kreitman has served as director since February 1996 and also has served as Senior Advisor of the Advisory Board to Signature Bank since 2001..
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