Bank failure · NJ

First Bankamericano (Elizabth, NJ) — failed July 31, 2009

First Bankamericano of Elizabth, New Jersey was closed on July 31, 2009 and resolved through a purchase and assumption. Crown Bank (NJ) took over its insured deposits. At failure it held $163.4M in assets and $155.5M in deposits. The FDIC's estimated loss on the failure is $20.0M (12.3% of assets).