Park Avenue Bank becomes 28th failure of 2010
Published
March 12, 2010, 10:43 p.m. ET
New York City’s Park Avenue Bank became the 28th bank failure of 2010 on Friday, according to the Federal Deposit Insurance Corp.
Valley National Bank of Wayne, N.J., will assume the $494.5 million in deposits and buy the bank’s $520.1 million in assets.
The cost to FDIC’s Deposit Insurance Fund is estimated at $50.7 million.
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