FIs closed: LibertyPointe Bank, New York, USA
On Thursday, 11 March, 2010, LibertyPointe Bank, New York, was closed by the New York State Banking Department, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Valley National Bank, Wayne, New Jersey, to assume all of the deposits of LibertyPointe Bank.
The three branches of LibertyPointe Bank reopened on Friday as branches of Valley National Bank.
As of 31 December, 2009, LibertyPointe Bank had approximately USD209.7 million in total assets and USD209.5 million in total deposits.
Valley National Bank will pay the FDIC a premium of 0.15 percent to assume all of the deposits of LibertyPointe Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD24.8 million.
LibertyPointe Bank is the 27th FDIC-insured institution to fail in the USA this year, and the first in New York.
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