Bank Failure
Newton Savings Bank, FSA
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Closed May 3, 1991 · Fairfield, NJ · FDIC Cert #31179.
- Closing date
- May 3, 1991
- Headquarters
- Fairfield, NJ
- FDIC Certificate
- 31179
- Total assets at closing
- $40.9M
- Total deposits at closing
- $38.4M
- Estimated loss to the insurance fund
- $3.6M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Sussex County State Bank
Context
On May 3, 1991, regulators closed Newton Savings Bank, FSA, headquartered in Fairfield, NJ. At closing, the institution held approximately $40.9M in assets and $38.4M in deposits. The FDIC record names Sussex County State Bank as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $3.6M.
By assets at closing this is the 1797th largest of the 3,526 bank failures in the FDIC record, and the 183rd 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 Newton Savings Bank, FSA fail?
Newton Savings Bank, FSA was closed by regulators on May 3, 1991.
Who acquired Newton Savings Bank, FSA?
The FDIC record names Sussex County State Bank as the acquiring institution in the resolution of Newton Savings Bank, FSA.
How big was Newton Savings Bank, FSA when it failed?
Newton Savings Bank, FSA had approximately $40.9M in total assets and $38.4M 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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