Bank failure · NJ
North Jersey Federal Sav. Assoc. (Passaic, NJ) — failed February 17, 1989
North Jersey Federal Sav. Assoc. of Passaic, New Jersey was closed on February 17, 1989 and resolved through a purchase and assumption. Valley Nb (NJ) took over its insured deposits. At failure it held $278.1M in assets and $304.3M in deposits. The FDIC's estimated loss on the failure is $131.5M (47.3% of assets).
- Closing date
- February 17, 1989
- FDIC certificate #
- 30050
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Valley Nb
- Insurance fund
- RTC
Other failures in 1989
- Columbia Fsa TX
- Silver Savings Assoc. NM
- United Community Bank CA
- First City National Bank and Trust NY
- First American Bank and Trust FL
- Yorkridge-Calvert Federal Savings MD
- Louisiana Savings Assn. LA
- Red River S & L Assoc. LA
- North Side State Bank OK
- First Acadiana Bank LA
- Canyon Lake Bank TX
- Midlothian National Bank TX
- City National Bank of Sayre OK
- City Savings, FSB NJ
- First Bank, Pineville, Louisiana LA
- Atlantic Permanent Federal VA
- Orange State Bank FL
- Aledo State Bank TX
- First Commerce National Bank AZ
- First National Bank of Frisco TX
- Atlantic National Bank VA
- Westheimer Memorial Bank, NA TX
- The Garnett S & L Assoc. KS
- Arlington Heights Savings Assoc. IL