WASHINGTON ( TheStreet) -- LibertyPointe Bank of New York was shut down by regulators, bringing the number of bank failures in 2010 to 27.

Bank failures in 2009 totaled 140.

LibertyPointe, which caters to the Orthodox Jewish community in Manhattan and Brooklyn, was taken over by the Federal Deposit Insurance Corp. on Thursday. LibertyPointe had three branches and $209.7 million in assets.

Valley National ( VLY) said it assumed all deposits of LibertyPointe and received about $180 million of loans which are subject to a loss-share agreement with the FDIC and cash and other assets of about $20 million. LibertyPointe's three locations will reopen on Friday as branches of Valley National.

Valley National said it paid a 0.15% deposit premium on the assume deposits.

-- Reported by Joseph Woelfel in New York.

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