Bank Failure
Prospect Park, FSB
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Closed April 19, 1991 · West Paterson, NJ · FDIC Cert #29844.
- Closing date
- April 19, 1991
- Headquarters
- West Paterson, NJ
- FDIC Certificate
- 29844
- Total assets at closing
- $511.5M
- Total deposits at closing
- $474.3M
- Estimated loss to the insurance fund
- $94.8M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Lakeview SB
Context
On April 19, 1991, regulators closed Prospect Park, FSB, headquartered in West Paterson, NJ. At closing, the institution held approximately $511.5M in assets and $474.3M in deposits. The FDIC record names Lakeview SB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $94.8M.
By assets at closing this is the 372nd largest of the 3,526 bank failures in the FDIC record, and the 48th 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 Prospect Park, FSB fail?
Prospect Park, FSB was closed by regulators on April 19, 1991.
Who acquired Prospect Park, FSB?
The FDIC record names Lakeview SB as the acquiring institution in the resolution of Prospect Park, FSB.
How big was Prospect Park, FSB when it failed?
Prospect Park, FSB had approximately $511.5M in total assets and $474.3M 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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