Bank Failure
Security Federal
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Closed December 4, 1992 · Vineland, NJ · FDIC Cert #30217.
- Closing date
- December 4, 1992
- Headquarters
- Vineland, NJ
- FDIC Certificate
- 30217
- Total assets at closing
- $1.19B
- Total deposits at closing
- $857.6M
- Estimated loss to the insurance fund
- $41.4M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Meridian Bank, NJ
Context
On December 4, 1992, regulators closed Security Federal, headquartered in Vineland, NJ. At closing, the institution held approximately $1.19B in assets and $857.6M in deposits. The FDIC record names Meridian Bank, NJ as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $41.4M.
By assets at closing this is the 183rd largest of the 3,526 bank failures in the FDIC record, and the 22nd of 179 in 1992. 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 Security Federal fail?
Security Federal was closed by regulators on December 4, 1992.
Who acquired Security Federal?
The FDIC record names Meridian Bank, NJ as the acquiring institution in the resolution of Security Federal.
How big was Security Federal when it failed?
Security Federal had approximately $1.19B in total assets and $857.6M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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