Bank failure · NJ

First Atlantic S & LA (Plainfield, NJ) — failed February 23, 1990

First Atlantic S & LA of Plainfield, New Jersey was closed on February 23, 1990 and resolved through a purchase and assumption (insured deposits). Branch Sale (NA) took over its insured deposits. At failure it held $1.3B in assets and $1.0B in deposits. The FDIC's estimated loss on the failure is $233.5M (18.0% of assets).