Local banker comes to the rescue

PARSIPPANY, N.J. - With the Ukrainian American Cultural Foundation (UACF) struggling to raise the funds necessary to buy Verkhovyna, Ray Walter, the president of the First National Bank of Jeffersonville, came to the rescue with some much-needed financial assistance after learning of the UACF's situation.

Mr. Walter arranged a $750,000 mortgage for the UACF and, according to Middletown's Times Herald-Record, commented, "It just seemed like a very positive thing to do for the area, to try to keep it with the group."

Summer festivals and cultural events regularly draw large crowds, which, in turn, have the effect of bolstering the local economy, the Times Herald-Record noted. As a result of the expected gains for the community, the UACF will also receive a tax break from the Industrial Development Agency.

Said Steve Kapczak, of the UACF, "This resort will be open to everybody and the county will benefit off this."

Copyright © The Ukrainian Weekly, June 17, 2001, No. 24, Vol. LXIX

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