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REPORT ABUSIVE REPLY
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Message Subject
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BANK FAILURE FRIDAY-- AmTrust Goes DOWN (6 Total So Far)
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Poster Handle
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GlassPearls |
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Post Content
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And from the FDIC: New York Community Bank, Westbury, New York, Assumes All of the Deposits of AmTrust Bank, Cleveland, Ohio
AmTrust Bank, Cleveland, Ohio, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...
As of October 27, 2009, AmTrust Bank had total assets of approximately $12.0 billion and total deposits of approximately $8.0 billion. ...
As part of this transaction, the FDIC will acquire a cash participant instrument. This will serve as additional consideration for the transaction. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.0 billion.
Furthermore, the FDIC transferred to New York Community Bank all qualified financial contracts to which AmTrust was a party.
... AmTrust Bank is the 128th FDIC-insured institution to fail in the nation this year, and the second in Ohio. The last FDIC-insured institution closed in the state was Peoples Community Bank, West Chester, which closed on July 31, 2009.
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