Friday, March 12, 2010

State Regulators Shut Down a City Bank, LibertyPointe (Why couldnt this wait till fridays close?)

State banking regulators on Thursday evening shut down the troubled LibertyPointe Bank, whose chairman, Shaya Boymelgreen, built more than 2,400 apartments in New York City in the last decade. The failure was the 27th in the nation this year but the first in the city in more than a decade, regulators said.

LibertyPointe, which had one branch in Manhattan and two in Brooklyn, had been struggling under the weight of bad real estate loans for many months. In mid-July, federal regulators ordered the bank to stop lending to developers and to raise cash.

(I find this very unsual for the FDIC to close a bank on a thursday night, something stinks here just not sure if its my terrible athletes foot or something is truly  marinating here.; theback9")

LINK to article

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