Bank failure · NJ

Mountain Ridge State Bank (West Orange, NJ) — failed October 5, 1990

Mountain Ridge State Bank of West Orange, New Jersey was closed on October 5, 1990 and resolved through a insured deposit transfer. Mountain Ridge Bank (NJ) took over its insured deposits. At failure it held $51.4M in assets and $50.2M in deposits. The FDIC's estimated loss on the failure is $12.8M (24.9% of assets).