On Friday, March 12, 2010, Park Avenue Bank was closed by the New York State Banking Department. The FDIC was named Receiver. Valley National Bank, Wayne, NJ acquired all deposit accounts.
The FDIC as Receiver for Park Avenue Bank, New York, NY has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on May 22, 2023 and has made all dividend distributions required by law.
Effective September 1, 2023, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.
Receivership Status: TERMINATED
Notice of Termination
Notice of Intent to Terminate
Dividend Information
Press Release
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Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to
obtain information from you.
ACQUIRING INSTITUTION: VALLEY NATIONAL BANK
About Valley National Bank
All deposit accounts, excluding certain brokered deposits, were transferred to Valley National Bank, Wayne, NJ ("assuming institution"). Former Park Avenue Bank locations reopened as branches of Valley National Bank.
Your transferred deposits were separately insured from any accounts you may have already had at Valley National Bank for at least six months after the failure of Park Avenue Bank.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Valley National Bank as long as the deposits are not pledged as collateral for loans.
Valley National Bank (www.valley.com)
Contacting Valley National Bank
You can contact Valley National Bank:
Valley National Bank
615 Main Ave
Passaic, NJ 07055
Transaction Documentation
Purchase & Assumption Agreement - PDF
Agreement between FDIC and acquiring institution
Bid Summary
Report on the bids to purchase the failed bank