NY Bank Gains $11B AmTrust Assets In FDIC Deal

Law360, New York (December 7, 2009, 2:10 PM EST) -- New York Community Bancorp Inc. has acquired approximately $11 billion in assets and assumed liabilities of about $11 billion from the failed AmTrust Bank in a deal brokered by the Federal Deposit Insurance Corp.

The FDIC finally seized AmTrust Bank's assets Friday, after the bank had struggled for more than a year with bad bets made during the housing bubble. As part of the deal to transfer AmTrust's assets to New York Community Bancorp, the FDIC has agreed to a loss-share arrangement in which it takes...
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