THE PARK AVENUE BANK Failed 2010
What happened
THE PARK AVENUE BANK of NEW YORK, NY was closed on 2010-03-12. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to VALLEY NATIONAL BANK (WAYNE, NJ). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3761
- FDIC Certificate
- 27096
- FDIC FIN
- 10195
- Bank name
- THE PARK AVENUE BANK
- Location
- NEW YORK, NY
- Failure date
- 2010-03-12
- FDIC resolution date
- 2010-03-12
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $76M
- Deposits at failure
- $495M
- Assets at failure
- $520M
- Acquiring bank
- VALLEY NATIONAL BANK (WAYNE, NJ)
Other banks VALLEY NATIONAL BANK acquired in FDIC resolutions