Regulators have closed another New York City commercial bank, the second this week.

Park Avenue Bank, with headquarters in Manhattan, was seized today by state and federal regulators, who cited lax management and inadequate capital. The bank had about a half billion dollars in deposits. Its assets are being bought by Valley National, the same institution that's buying the remains of LibertyPointe Bank which failed a day earlier.

Park Avenue Bank had four offices, one in Manhattan and three in Brooklyn.

Nationwide the Federal Deposit Insurance Corporation has closed more than 170 banks since the recession began. Until this week, none of them in New York City. Those closures have cost the agency more than $30 billion. The FDIC says there are now more than 700 institutions on its list of "problem" banks and its expects the cost of covering failures from that list to grow to roughly $100 billion over the next four years.

Regulators seized Manhattan-based LibertyPointe Bank, with assets of about $200 million. Park Avenue Bank had $500 million in assets.