Bank failure · NJ

Security Federal (Vineland, NJ) — failed December 4, 1992

Security Federal of Vineland, New Jersey was closed on December 4, 1992 and resolved through a purchase and assumption. Meridian Bank, NJ (NJ) took over its insured deposits. At failure it held $1.2B in assets and $857.6M in deposits. The FDIC's estimated loss on the failure is $41.4M (3.5% of assets).