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South Florida

AmTrust Bank seized by federal regulators

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Federal regulators seized Palm Beach County’s fifth largest bank, shuttering AmTrust Bank, which will reopen Saturday as a branch of New York Community Bank. AmTrust Bank, a division of NYCB will keep its accounts, and customers. The bank was the county’s third largest bank, but lost market share as the regional real estate and financial crisis deepened and it had to cut savings and CD rates. Its bankruptcy filing listed $12 billion in assets, $8 billion in deposits and 66 branches. [Palm Beach Post]

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