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AmTrust Financial Building, formerly known as McDonald Investment Center, Key Center and the Central National Bank Building, is a commercial high-rise building in Cleveland, Ohio. The building rises 308 feet (94 m) in Downtown Cleveland. [1] It contains 23 floors, [1] and was completed in 1969. [2]
The bank was founded in 1889 as Ohio Savings, Loan & Building Co. [1] In 1963, Leo Goldberg acquired control of the company. [1] In 1975, the bank acquired Citizens Federal Savings & Loan of Akron. [1] In 1978, the bank acquired Shaker Savings. [1] In 1989, the bank acquired Palm Plaza Savings Association, based in Boca Raton, Florida. [2]
In November 2018, AmTrust completed a go-private transaction, merging with Evergreen Parent, L.P., an entity formed with private equity funds managed by Stone Point Capital LLC, together with the Karfunkel-Zyskind family. [15] In January 2019, AmTrust voluntarily delisted and deregistered all series of preferred stock and subordinated notes. [16]
According toThe Wall Street Journal, "AmTrust is the fourth-largest U.S. bank or savings institution to fail so far this year." Its branches will be taken over by New York Community Bank.
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.
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]
According to Buffett, being a financial pundit is “like finding gold and then handing a map to the neighbors showing its location”—it just doesn’t make sense. A lesson from Bertie Buffett
Flagstar Financial, Inc. (FLG), is a bank holding company for Flagstar Bank headquartered in Hicksville, New York. In 2023, the bank operated 395 branches in New York, Michigan, New Jersey, Ohio, Florida, Arizona and Wisconsin. [ 3 ]