Regulators Shut Small Bank In NY

By: Associated Press Email
By: Associated Press Email

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July 24, 2009

Regulators have shut Waterford Village Bank, a small bank in New York state, boosting to 58 the number of federally insured banks to fail this year.

The Federal Deposit Insurance Corp. was appointed receiver of the bank, with a single office in Clarence, N.Y. The failed bank had $61.4 million in assets and $58 million in deposits as of March 31.

The FDIC said Friday that Evans Bank, based in Angola, N.Y., had agreed to assume all of the assets and deposits of Waterford Village Bank. Its Clarence office will reopen Monday as a branch of Evans Bank. In addition, the FDIC and Evans Bank signed an agreement to share losses on about $56 million of the failed bank's assets.

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