By MyBankTracker  Fri Mar 12, 2010

Valley National Bank Takes Over as LibertyPointe Bank is Closed by State Regulators

Bank failures are usually announced at the end of the day Friday, but this week state regulators were ready to go Thursday evening, with the announcement of the 27th bank failure of 2010, LibertyPointe Bank.

LibertyPointe Bank

The bank, which has three branches located in New York, NY and estimated total assets of $209.7 million as of December, was closed by the New York State

Closed

Banking Department. The FDIC was appointed as receiver.

LibertyPointe Bank branches will reopen today as branches of Valley National Bank of Wayne, NJ, the “assuming institution.” Depositors of LibertyPointe Bank will be able to continue to use their usual banking and ATM locations over the weekend, and will be notified once they are able to use other Valley National Bank branches.

The Deposit Insurance Fund

The cost of the failure to the Deposit Insurance Fund (DIF) is estimated to be around $24.8 million. Deposits transferred to Valley National Bank from LibertyPointe will remain separately insured from any other Valley National Bank accounts for up to six months.

This marks the 27th bank failure this year. For more information and to view a complete list of bank failures in 2010, view our Failed Bank List here.

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  • highinterest

    Go public. TV reporters eat this stuff up. Name names. Humiliate the SOBs publicly. These arrogant you-know-whats get away with this tuff because people don’t fight back. Fight back.

  • Maria

    You obviously did not listen to the representative that you originally spoke to, I have called there before and the told me it takes 5-7 business days to deliver a card. If you did not receive it and you called to say that, the first thing a rep will do is shut that card down. It could have been delivered and someone took it out of your mail, or it was delivered to the house next store by accident. Would you want whomever it was delivered to activate it and start taking funds out of the account? No! you would be the first person to call and complain that someone got your card and the bank didn’t close it when you called. Also why did you need your card to go to the grocery store? It was thursday you could have gone to a branch and made a withdrawl or written a check at the supermarket.