The FDIC said the bank's deposits will be assumed by Valley National Bank, based in Wayne, New Jersey. Valley National agreed to pay a small premium to assume all of the deposits. It also agreed to purchase essentially all of Park Avenue Bank's assets.

The sellers had an three-room apartment for storing the fake goods and hired three assistants, police said.

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White House spokesman Jay Carney said the president was fine. "I was just with him," Carney said at a news briefing.