A spokesman for Kushner would only confirm that NorCrown is indeed for sale, as required by federal law. Sources say, however, that two of the early suitors are the Long Island-based North Fork Bank, which has been snapping up regional rivals in recent years, and Valley National Bank.
The sale of NorCrown isn't the only repercussion of Kushner's plea on the banking side of his business holdings. According to a published report, the FDIC is preparing to levy a fine on NorCrown relating to its ownership reporting practice. While the number remains to be determined, sources say it will be in the $15-million range. The fine will be assessed against the current ownership.
The move to peddle NorCrown follows the recent sale, by Kushner Cos., of its majority share in Columbia Title. And Kushner has also closed down a moving operation tied to its homebuilding division.
And at the corporate level, Kushner president and CEO, Charles Ramat, has left the company. Ramat joined Kushner just two years ago in the newly created position.
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