WASHINGTON (AP) — Regulators have 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.
The Federal Deposit Insurance Corp. on Thursday took over LibertyPointe, with three branches, $209.7 million in assets and $209.5 million in deposits. Valley National Bank, based in Wayne, N.J., agreed to assume the assets and deposits of the failed bank.
In addition, the FDIC and Valley National Bank agreed to share losses on $181.5 million of LibertyPointe Bank's loans and other assets.
