Bank Failure
The Park Avenue Bank
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Closed March 12, 2010 · New York, NY · FDIC Cert #27096.
- Closing date
- March 12, 2010
- Headquarters
- New York, NY
- FDIC Certificate
- 27096
- Total assets at closing
- $520.1M
- Total deposits at closing
- $494.5M
- Estimated loss to the insurance fund
- $76.4M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Valley National Bank
Context
On March 12, 2010, regulators closed The Park Avenue Bank, headquartered in New York, NY. At closing, the institution held approximately $520.1M in assets and $494.5M in deposits. The FDIC record names Valley National Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $76.4M.
By assets at closing this is the 367th largest of the 3,526 bank failures in the FDIC record, and the 42nd of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did The Park Avenue Bank fail?
The Park Avenue Bank was closed by regulators on March 12, 2010.
Who acquired The Park Avenue Bank?
The FDIC record names Valley National Bank as the acquiring institution in the resolution of The Park Avenue Bank.
How big was The Park Avenue Bank when it failed?
The Park Avenue Bank had approximately $520.1M in total assets and $494.5M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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