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. (Read more bank failure stories.)