Liberty Pointe Bank Closes

WNYC News | Jul 12, 2010

New York, NY —

New York City has seen its first failure of a commercial bank since the recession began. Liberty Pointe Bank was closed yesterday by state and federal regulators, citing inadequate capital. All deposits are insured by the FDIC, and depositors' accounts have been transferred to Valley National Bank under a purchase and assume agreement.

Liberty Pointe was founded in 2005 by luxury condo developer Shaya Boymelgreen. It had a little over 2 million dollars in deposits at the time of closing.

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