Regulators shut banks in NY, Florida, Louisiana

Source: AP

2 hours ago

NEW YORK — Regulators on Friday shut down banks in New York, Florida and Louisiana, raising to 30 the number of failures this year of federally insured banks.

The Federal Deposit Insurance Corp. was appointed receiver of Park Avenue Bank in New York, Old Southern Bank in Orlando, Fla. and Statewide Bank in Covington, La.

Park Avenue Bank had $520.1 million in assets and $494.5 million in deposits as of Dec. 31.

The FDIC said the bank's deposits will be assumed by Valley National Bank, based in Wayne, N.J. Valley National agreed to pay a small premium to assume all of the deposits. It also agreed to purchase essentially all of Park Avenue Bank's assets.

Park Avenue Bank's four branches will reopen beginning Saturday as offices of Valley National Bank.

It was the second New York bank to be shuttered this week. On Thursday, the FDIC closed LibertyPointe Bank, which catered largely to the Orthodox Jewish community in Manhattan and Brooklyn. Valley National is also taking on LibertyPointe's assets and deposits.

Old Southern Bank had $315.6 million in assets and $319.7 million in deposits, as of Dec. 31. Centennial Bank in Conway, Ark. agreed to acquire the deposits for a premium and purchase virtually all of Old Southern's assets.



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http://www.fdic.gov/bank/individual/failed/banklist.html

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