Bank Failure
North Jersey Federal Sav. Assoc.
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Closed February 17, 1989 · Passaic, NJ · FDIC Cert #30050.
- Closing date
- February 17, 1989
- Headquarters
- Passaic, NJ
- FDIC Certificate
- 30050
- Total assets at closing
- $278.1M
- Total deposits at closing
- $304.3M
- Estimated loss to the insurance fund
- $131.5M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Valley NB
Context
On February 17, 1989, regulators closed North Jersey Federal Sav. Assoc., headquartered in Passaic, NJ. At closing, the institution held approximately $278.1M in assets and $304.3M in deposits. The FDIC record names Valley NB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $131.5M.
By assets at closing this is the 591st largest of the 3,526 bank failures in the FDIC record, and the 99th of 530 in 1989. 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 North Jersey Federal Sav. Assoc. fail?
North Jersey Federal Sav. Assoc. was closed by regulators on February 17, 1989.
Who acquired North Jersey Federal Sav. Assoc.?
The FDIC record names Valley NB as the acquiring institution in the resolution of North Jersey Federal Sav. Assoc.
How big was North Jersey Federal Sav. Assoc. when it failed?
North Jersey Federal Sav. Assoc. had approximately $278.1M in total assets and $304.3M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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