Rassco Financial Corporation today announced it has registered with the Securities and Exchange Commission an issue of $1,000,000 15-year six percent Sinking Fund Debentures to be offered in denominations of $1,000 and $500.
According to the prospectus, the offering price is par payable in cash, or up to 50 percent in the Corporation’s five percent twenty-year Sinking Fund Debentures, Series 1973, or up to 30 percent in State of Israel Bonds. The proceeds of the issue will be added to the working capital of the Corporation which is engaged in the purchase and sale of real estate located in Israel.
Rassco Financial Corporation, New York, is the financial arm of “Rassco” Rural and Suburban Settlement Company, Ltd., Tel Aviv, Israel’s second largest real estate development and construction company which was founded over 25 years ago. The New York corporation derives its income from sale or lease of Israel properties and from short-term financing of projects undertaken by American investors in Israel in conjunction with Rassco. Its overall objective is to facilitate and encourage private U.S. investment in the development projects carried out by Rassco in Israel.
Judge Seymour R. Levine of Peekskill, New York, is chairman of the board of directors of Rassco Financial Corporation. Isaac Imber, New York, is president and director of the company. Other members of the board include prominent businessmen from the U.S., Latin America, and Israel.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
