Bank failure · NJ

First State Bank (Cranford, NJ) — failed October 14, 2011

First State Bank of Cranford, New Jersey was closed on October 14, 2011 and resolved through a purchase and assumption. Northfield Bank (NY) took over its insured deposits. At failure it held $191.9M in assets and $188.1M in deposits. The FDIC's estimated loss on the failure is $45.6M (23.8% of assets).