Bank failure · NJ

Powder Mill Bank (Morris Plains, NJ) — failed May 22, 1992

Powder Mill Bank of Morris Plains, New Jersey was closed on May 22, 1992 and resolved through a purchase and assumption. Valley National Bank (NJ) took over its insured deposits. At failure it held $49.6M in assets and $47.9M in deposits. The FDIC's estimated loss on the failure is $6.9M (13.9% of assets).