Friday, March 12, 2010 - 5:53 PM

Another New York City Bank Failure: Park Avenue Bank

The FDIC is busy this week in NYC. Regulators closed Park Avenue Bank in New York City today. On Thursday, regulators closed the New York City bank, LibertyPointe Bank. Valley National Bank assumed all deposits at both banks.

Park Avenue Bank is the 28th bank failure of 2010. Refer to the FDIC press release for more details.

I'll have more on this in my Friday bank failure review.

KenBDG4,048 posts since
Nov 29, 2009
Rep Points: 106,905

1. Friday, March 12, 2010 - 7:14 PM

This bank will be missed. They had good rates in 2008 then had a warning letter from the FDIC. In the end the owner added $25 million to the bank reserves but now appears was not enough to save it. The employees at the Park Avenue branch in Manhatten (between 51th & 52th Street) offered the best quality service and always answer my questions completely. I personally do not like Valley National Bank for their poor service and vague answers to questions. A shame they 'won' the depositers and assets.

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819

2. Monday, March 15, 2010 - 5:52 PM

Crooks.

http://www.washingtonpost.com/wp-dyn/content/article/2010/03/15/AR2010031502502.html

Anonymous963 posts since
May 9, 2010
Rep Points: 1,819