Ilya Marritz
Ilya Marritz covers business for WNYC.
First Sign of Trouble for New York City Banks
Saturday, March 13, 2010
New York, NY –
This week regulators closed two New York City banks. WNYC's Ilya Marritz reports it's the first sign of trouble in a region that's hardly been touched by the banking crisis.
REPORTER: Nationwide the FDIC has closed more than 170 banks since the recession began. Until this week, none of them in New York City. That changed on Thursday, when regulators seized Manhattan-based LibertyPointe Bank, with assets of about $200 million. The next day, they closed Park Avenue Bank, with a $500 million in assets. Depositors' accounts from both banks have been transferred to Valley National, a New Jersey-based institution with 17 branches in the city. State-chartered banks tend to do a lot of lending to local businesses. The closure of LibertyPointe and Park Avenue Bank suggests their borrowers are not faring well.
For WNYC, I'm Ilya Marritz.
Leave a Comment
Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.