Bank Failure
Empire Savings Bank
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Closed December 14, 1990 · Hammonton, NJ · FDIC Cert #28473.
- Closing date
- December 14, 1990
- Headquarters
- Hammonton, NJ
- FDIC Certificate
- 28473
- Total assets at closing
- $219.3M
- Total deposits at closing
- $193.7M
- Estimated loss to the insurance fund
- $28.3M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- United Jersey BANK/SO., N.A.
Context
On December 14, 1990, regulators closed Empire Savings Bank, headquartered in Hammonton, NJ. At closing, the institution held approximately $219.3M in assets and $193.7M in deposits. The FDIC record names United Jersey BANK/SO., N.A. as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $28.3M.
By assets at closing this is the 721st largest of the 3,526 bank failures in the FDIC record, and the 94th of 381 in 1990. 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 Empire Savings Bank fail?
Empire Savings Bank was closed by regulators on December 14, 1990.
Who acquired Empire Savings Bank?
The FDIC record names United Jersey BANK/SO., N.A. as the acquiring institution in the resolution of Empire Savings Bank.
How big was Empire Savings Bank when it failed?
Empire Savings Bank had approximately $219.3M in total assets and $193.7M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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