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Article: Bank's woes hurt developer; Problems at Boymelgreen's lending arm flare as setbacks loom elsewhere.(NEWS)

Article from:
Crain's New York Business
Article date:
September 14, 2009
Copyright

Byline: THERESA AGOVINO

When developer Shaya Boymelgreen co-founded LibertyPointe Bank four years ago, he aimed to use his real estate expertise to help the bank become an industry specialist. That part of the plan, at least, worked. Today, 92% of the bank's loans are related to real estate.

The problem is that so many of those credits have soured that last month the Federal Deposit Insurance Corp. stepped in and slapped LibertyPointe with a cease and desist order to stop its risky loan policies.

And that may be the least of Mr. Boymelgreen's mounting troubles. He is saddled with stalled projects, including a planned residential tower in ...

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