Regulators close Liberty Pointe Bank

BROOKLYN - Liberty Pointe Bank was shut down Thursday by federal regulators in the wake of mounting loan defaults and the effects of the recession.

The Federal Deposit Insurance Corp. took over Liberty Pointe, which has two branches in Manhattan and one in Brooklyn. The bank catered largely to the Orthodox Jewish community by remaining open on Sundays.

The shutdown marks the 27th bank in the U.S. to fail this year.

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