Bank Failure
Center S & La
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Closed January 25, 1991 · Clifton, NJ · FDIC Cert #30169.
- Closing date
- January 25, 1991
- Headquarters
- Clifton, NJ
- FDIC Certificate
- 30169
- Total assets at closing
- $132.6M
- Total deposits at closing
- $125.4M
- Estimated loss to the insurance fund
- $15.3M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Hub Center Bank
Context
On January 25, 1991, regulators closed Center S & La, headquartered in Clifton, NJ. At closing, the institution held approximately $132.6M in assets and $125.4M in deposits. The FDIC record names Hub Center Bank as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $15.3M.
By assets at closing this is the 1027th largest of the 3,526 bank failures in the FDIC record, and the 110th of 268 in 1991. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Center S & La fail?
Center S & La was closed by regulators on January 25, 1991.
Who acquired Center S & La?
The FDIC record names Hub Center Bank as the acquiring institution in the resolution of Center S & La.
How big was Center S & La when it failed?
Center S & La had approximately $132.6M in total assets and $125.4M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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