Regulators on Thursday shut down LibertyPointe Bank in New York City, boosting to 27 the number of bank failures in the U.S. so far this year following the 140 brought down in 2009 by mounting loan defaults and the recession. loadposition in-article The Federal Deposit Insurance Corp. took over LibertyPointe, with three branches, $209.7 million in assets and $209.5 million in deposits. The bank catered largely to the Orthodox Jewish community in Manhattan and Brooklyn. Valley National Bank, based in Wayne, N.J., agreed to assume the assets and deposits of LibertyPointe Bank. In addition, the FDIC and Valley National Bank agreed to share losses on $181.5 million of LibertyPointe’s loans and other assets. The bank was closed by New York state’s banking regulators and the FDIC appointed as receiver on Thursday, rather than on Friday as is customary for bank shutdowns because of the Jewish Sabbath falling at sundown Friday…

March 12th, 2010
Money maker
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