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AmTrust Financial Services was founded by brothers George Karfunkel and Michael Karfunkel in 1998. [7] [8] In 2005, Ronald E. (Ron) Pipoly was appointed as CFO. [9] [10] AmTrust began trading on the NASDAQ Global Select Market on November 13, 2006. [11]
In 2007, the bank changed its name to Amtrust Bank. [3] In January 2009, the bank sold its 5 branches in Columbus, Ohio, to WesBanco. [4] On December 4, 2009, as a result of bank failure, the bank was shut down by the Office of Thrift Supervision. It was placed into receivership and the Federal Deposit Insurance Corporation was named receiver.
In December 2009, the Federal Deposit Insurance Corporation seized AmTrust, a bank headquartered in Cleveland, OH with 66 branches and $13 billion in assets in Ohio, Florida and Arizona. [16] NYCB acquired Amtrust, which expanded NYCB's branch footprint outside of the New York metropolitan area for the first time. [17]
Six more banks failed based on FDIC data on December 4, including Greater Atlantic Bank, Reston, Va., Benchmark Bank, Aurora, Ill., AmTrust Bank, Cleveland, The ...
Barry Zyskind is an American businessman in the insurance industry, and head of AmTrust Financial Services Inc. [3] In the September 2016 edition of Best's Review, an A.M. Best publication, AmTrust was ranked the 11th largest commercial insurer in the US, up from 128th position in 2005. [4]
George Karfunkel was born in Hungary, the son of Louis Karfunkel (1914-1997), a religious scholar and fishmonger, and his wife Clara. [2] [3] The family migrated to the US in the late 1950s, after the failed Hungarian Revolution of 1956, and lived in the Orthodox community of Boro Park in Brooklyn, New York City.
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