WASHINGTON — State regulators shut $209.7 million-asset LibertyPointe Bank of New York, a rare move for a Thursday evening that usually indicates a bank's condition was deteriorating rapidly.

New York Banking Superintendent Richard Neiman cited the bank for "inadequate capital," saying he failed the bank "in order to protect depositors and the public" following the bank's failure to adequately address problems outlined in a July 16 cease and desist order.

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