Number One Fails

New City Bank, the riskiest commercial bank on our current Top 40 list, has failed.  There was no acquirer for the bank. As of December 31, 2011, New City Bank had $71.2 million in total assets and $72.4 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.4 million. New City Bank recently made headlines for a federal indictment against one of its investors and Vice-Chairman, William Beavers, for failing to report and pay income taxes.