WASHINGTON, D.C. (BNO NEWS) — Federal regulators on Thursday closed the LibertyPointe Bank in New York, marking the 27th bank failure of 2010.

The LibertyPointe Bank was closed by the New York State Banking Department after its regular closing time on Thursday. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver following its closure, who immediately entered into a purchase and assumption agreement with the New Jersey-based Valley National Bank in Wayne to assume all of the failed bank’s deposits.

Most, if not all customers, should see no or little service disruptions despite the closure of the institution. On Friday, the three branches of the bank will reopen during its normal business hours as branches of Valley National Bank.

All of the failed bank’s services, including checks, ATM and debit cards, will remain active. “Checks drawn on the bank will continue to be processed,” the FDIC said in a statement. “Loan customers should continue to make their payments as usual.”

As of December 31, 2009, the LibertyPointe Bank had approximately $209.7 million in total assets and $209.5 million in total deposits. The Valley National Bank will pay the FDIC a premium of 0.15 percent to assume all of the bank’s deposits, the FDIC said. “In addition to assuming all of the deposits, Valley National Bank agreed to purchase essentially all of the assets.”

The FDIC and Valley National Bank entered into a loss-share transaction on approximately $181.5 million of LibertyPointe Bank’s assets. Valley National Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers.

The FDIC said it estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.8 million. It said Valley National Bank’s acquisition of the deposits was the “least costly” resolution compared to other alternatives.

Banks are usually closed on Fridays, although they can close at any day of the week. A spokesman for the FDIC, David Barr, said LibertyPointe Bank was closed on a Thursday due to the religious beliefs of some of the employees. “We often require the employees of the bank to work late into the night,” Barr said.

Friday’s closure was not only the 27th U.S. bank failure of 2010 but was also New York’s first bank failure in nearly a year. Regulators last closed the Waterford Village Bank in Williamsville on July 24, 2009.