Bank failure Friday

March 12, 2010

Valley National got a package deal — they picked up LibertyPointe last night and got another tonight. Plus, don’t look now, but NYC is suffering a veritable wave of bank closures. Two in two days. These are the first in the Big Apple since 1999.

#28

—Failed Bank: Park Avenue Bank, NY NY
—Regulator: New York State Banking Department
—Acquiring bank: Valley National Bank, Wayne NJ
—Vitals: at 12/31, assets of $520.1 million, deposits of $494.5 million
—Estimated DIF damage: $50.7 million

#29

—Failed Bank: Old Southern Bank, Orlando FL
—Regulator: Florida Office of Financial Regulation
—Acquiring bank: Centennial Bank, Conway AR
—Vitals: at 12/31, assets of $315.6 million, deposits of $319.7 million
—Estimated DIF damage: $94.6 million

#30

—Failed Bank: Statewide Bank, Covington LA
—Regulator: Louisiana Office of Financial Institutions
—Acquiring bank: Home Bank, Lafayette LA
—Vitals: at 12/31, assets of $243.2 million, deposits of $208.8 million
—Estimated DIF damage: $38.1 million

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