FDIC Closes Bank No. 28: NYC's Park Avenue Bank

Latest to fail had about $1B on the books
By Newser Editors and Wire Services
Posted Mar 12, 2010 4:48 PM CST
FDIC Closes Bank No. 28: NYC's Park Avenue Bank
Members of an FDIC resolutions team work at the main branch of the Bank of Elmwood, in Racine, Wis., Saturday, Oct. 24, 2009.   (AP Photo/Journal Times, Mark Hertzberg)

Federal regulators shut down Park Avenue Bank in New York today, marking the 28th failure this year of a federally insured bank. The Federal Deposit Insurance Corp. was appointed receiver of Park Avenue Bank. It had $520.1 million in assets and $494.5 million in deposits as of Dec. 31.

The FDIC said today the bank's deposits will be assumed by Valley National Bank, based in Wayne, NJ. Its four branches will reopen beginning tomorrow as offices of Valley National Bank.

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