Data / Bank failures / 2010 / The Park Avenue Bank
The Park Avenue Bank, New York, NY: failed March 12, 2010
The Park Avenue Bank in New York, New York, failed on March 12, 2010. Valley National Bank of Wayne, NJ, took over its deposits. It held $520.1 million in assets and $494.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $76.4 million (14.7% of its assets). By assets it was the 42nd largest of 157 banks closed or assisted in 2010.
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The FDIC's record
- Closed
- March 12, 2010
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Valley National Bank, Wayne, NJ
- Total assets
- $520,146,000
- Total deposits
- $494,505,000
- Estimated cost to the FDIC
- $76,368,394 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 27096
Other bank failures in New York, 2008 to 2012
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| USA Bank | Port Chester | July 9, 2010 | $190.7 million | $188.6 million | $63.5 million | New Century Bank |
| Libertypointe Bank | New York | March 11, 2010 | $216.5 million | $209.5 million | $18.4 million | Valley National Bank |
| Waterford Village Bank | Williamsville | July 24, 2009 | $55.7 million | $56.1 million | $7.9 million | Evans Bank National Association |
| Merrill Lynch Bank & Trust Co FSB (assistance) | New York | January 16, 2009 | $37.99 billion | $28.54 billion |
Other failed banks Valley National Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Libertypointe Bank | New York | NY | March 11, 2010 | $216.5 million | $209.5 million | $18.4 million | Valley National Bank |
| Powder Mill Bank | Morris Plains | NJ | May 22, 1992 | $49.6 million | $47.9 million | $6.9 million | Valley National Bank |
All bank failures in 2010 · All bank failures in New York · Every failed bank Valley National Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.