Boymelgreen’s bank told to cease and desist

Federal regulators have ordered developer Shaya Boymelgreen’s LibertyPointe Bank to cease and desist from risky lending. According to an order posted today on the Federal Deposit Insurance Corporation Web site, the bank had excessively high levels of delinquent loans, was not setting aside enough funds to deal with loan losses, and had concentrated too much of its portfolio in commercial real estate lending. The bank’s $182 million portfolio has about $13 million worth of non-accruing multi-family loans and $10 million in non-accruing construction loans.