The Park Avenue Bank, so named because its headquarters were located at 460 Park Avenue in New York City, was founded in 1987. In 2004, the Bank underwent a recapitalization and restructuring that resulted in a change of management. It was at this time that Charles J. Antonucci, Sr., became the president and CEO of the Park Avenue Bank. He also assumed a place on the Bank’s Board of Directors. Antonucci was responsible for organizing a group of investors that invested more than $10 million into the Park Avenue Bank in 2004, which had four retail branches in the Manhattan and Brooklyn areas of New York City, and he apparently impressed those investors with his previous work in turning around troubled banks (Wei and Bray).
In addition to holding CEO, president, and board positions for the Park Avenue Bank, Antonucci was also involved in a number of other businesses. Antonucci was also the 100% owner of Bedford Consulting Group, Inc., Easy …show more content…
The Bank subsequently withdrew its application, later indicating in a press release that the withdrawal was completely voluntary due to the Bank’s change of opinion regarding TARP funds. Antonucci is quoted in multiple sources as having said, “I don’t need TARP money, I don’t necessarily want TARP money, we are a strong bank, and management is committed to putting capital in as it is