FIs closed: The Park Avenue Bank, Valdosta, Georgia, USA
On Friday, 29 April, 2011, The Park Avenue Bank, Valdosta, Georgia, USA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
Bank of the Ozarks, Little Rock, Arkansas, acquired the banking operations, including all the deposits, of the bank.
Branches of the closed bank reopened during their normal business hours beginning Saturday as branches of Bank of the Ozarks.
As of 31 December, 2010, First Choice Community Bank had total assets of USD308.5 million and total deposits of USd310.0 million.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for First Choice Community Bank will be USD92.4 million.
First Choice Community Bank is the 37th FDIC-insured institution to fail in the nation so far this year and the ninth in Georgia.
Download PDF version of this page