Fed Shutters Three Banks

If it Friday its bank closing time. Although, one bank closed on Thursday because the bank follows Jewish Sabbatical Laws. The remaining two closed on Friday.

Park Avenue Bank, in Midtown Manhattan closed  with $520 million assets and $494 deposits.

Park Avenue Bank sold  to Valley National Bank in Wayne,NJ. On Monday, Park Avenue will open as a branch of Valley National Bank.

On Thursday, Liberty Pointe Bank closed on Thursday in New York City.  Bank serve the Orthodox Jewish Community. Liberty Pointe was also acquired by Valley National Bank and will re-open as Valley National on Saturday.

Orlando, Fl based Old Southern Bank closed on Friday with $316.6 million in assets and $319 million deposits. Conway AR, based Centennial Bank takes Old Southern Banks seven branches and reopen as Centennial Bank on Saturday.

AP via Las Vegas Review-Journal has the rest of the story.


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