Small Press Publisher Dumbo Books of Brooklyn Announces Its Conversion to a Bank Holding Company, Applies for Bailout Funds

This morning we are issuing the following press release:

BROOKLYN, N.Y., Nov. 14, 2008 - Small press publisher Dumbo Books of Brooklyn today announced that it was applying to the Federal Reserve to convert into a bank holding company so that it will be able to accept deposits and be eligible for federal bailout funds.

"This will help us survive in these perilous times for everyone, including small publishers of literary works," said Dumbo Books CEO Richard Grayson. "We want to avoid the fate of other small publishers, like Impetus Books, which have recently shut down due to the economic climate."

"The bailout cash from the Treasury Department will greatly help secure the future of Dumbo Books," Grayson said.