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Friday, July 24, 2009

Bank Failure #58: Waterford Village Bank, Clarence, New York

by Calculated Risk on 7/24/2009 05:47:00 PM

Years of poor judgment
Bankers caught breaking their trust
"Acting stupidly"

by Soylent Green is People

From the FDIC: Evans Bank, National Association, Angola, New York, Assumes All of the Deposits of Waterford Village Bank, Clarence, New York
Waterford Village Bank, Clarence, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of March 31, 2009, Waterford Village Bank had total assets of $61.4 million and total deposits of approximately $58 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.6 million. ... Waterford Village Bank is the 58th FDIC-insured institution to fail in the nation this year, and the first in New York. The last FDIC-insured institution to be closed in the state was Reliance Bank, White Plains, March 19, 2004.
It is Friday and New York is on the FDIC map (not counting Lehman, Bear Stearns, etc.)