Bank Failure
Suburban National Bank
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Closed July 26, 1991 · Hillsborough TWNS, NJ · FDIC Cert #27157.
- Closing date
- July 26, 1991
- Headquarters
- Hillsborough TWNS, NJ
- FDIC Certificate
- 27157
- Total assets at closing
- $91.1M
- Total deposits at closing
- $91.3M
- Estimated loss to the insurance fund
- $27.8M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Provident Savings Bank
Context
On July 26, 1991, regulators closed Suburban National Bank, headquartered in Hillsborough TWNS, NJ. At closing, the institution held approximately $91.1M in assets and $91.3M in deposits. The FDIC record names Provident Savings Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $27.8M.
By assets at closing this is the 1262nd largest of the 3,526 bank failures in the FDIC record, and the 132nd 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 Suburban National Bank fail?
Suburban National Bank was closed by regulators on July 26, 1991.
Who acquired Suburban National Bank?
The FDIC record names Provident Savings Bank as the acquiring institution in the resolution of Suburban National Bank.
How big was Suburban National Bank when it failed?
Suburban National Bank had approximately $91.1M in total assets and $91.3M 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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