Bank failure Thursday
Generally you don’t see midweek failures unless everyone’s taking Friday off.
The bank catered largely to the Orthodox Jewish community in Manhattan and Brooklyn….The bank was closed by New York state’s banking regulators and the FDIC appointed as receiver on Thursday, rather than on Friday as is customary for bank shutdowns because of the Jewish Sabbath falling at sundown Friday into Saturday.
—Failed bank: LibertyPointe Bank, NY NY
—Regulator: New York State Banking Department
—Acquiring bank: Valley National Bank, Wayne NJ
—Vitals: at 12/31, assets of $209.7 million, deposits of $209.5 million
—Estimated DIF damage: $24.8 million
The last Thursday closures were on July 2nd, 2008, when seven were shuttered. July 3rd everyone had off, including FDIC.
Before that BankUnitedwas closed on May, 21. And before BKUNA was WaMu, which was seized Sept 25, 2008.