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AmTrust Bank, one of the 100 biggest banks in America, may be close to insolvency, with its parent company heading to court in an unusual move seeking bankruptcy protection.
The filing late Monday by holding company AmTrust Financial Corp. is likely a last-ditch effort to protect the wealth of the company's majority owners, the Goldberg family, banking experts said.
"The deposits remain insured," said David Barr, spokesman for the Federal Deposit Insurance Corp. "That's the key for customers."