This one hits closer to home, I think we have at least another year of bank failures before things get back in the plus. There is a large confidence factor that is going to take a long time to come back. People just don’t trust banks and especially equities..
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AmTrust Bank customers have been moved over to New York Community Bancorp after federal regulators seized the bank�s assets Friday.
The bank, which was based in Cleveland, had 12 branches in Arizona. Federal regulators sold the assets to the Westbury, N.Y.-based New York Community Bank. That amounted to about $11 billion in assets, including loans, cash and securities.
AmTrust had about $11 billion in liabilities when the bank was seized. Customers could continue all the banking activities starting Saturday.
AmTrust had 66 branches with 29 in Ohio and 25 in Florida in addition to its Arizona operations.
AmTrust Bank assets seized by FDIC, bought by New York Community Bank – Phoenix Business Journal:.
