Bank failure · NJ

Hometown Bank (Edison, NJ) — failed September 25, 1992

Hometown Bank of Edison, New Jersey was closed on September 25, 1992 and resolved through a purchase and assumption. Somerset Trust Co (NJ) took over its insured deposits. At failure it held $25.2M in assets and $24.8M in deposits. The FDIC's estimated loss on the failure is $7.3M (29.1% of assets).