Bank Failure
The First National Bank of Toms River
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Closed May 22, 1991 · Toms River, NJ · FDIC Cert #6499.
- Closing date
- May 22, 1991
- Headquarters
- Toms River, NJ
- FDIC Certificate
- 6499
- Total assets at closing
- $1.42B
- Total deposits at closing
- $1.38B
- Estimated loss to the insurance fund
- $115.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Fidelity Bank, Nation
Context
On May 22, 1991, regulators closed The First National Bank of Toms River, headquartered in Toms River, NJ. At closing, the institution held approximately $1.42B in assets and $1.38B in deposits. The FDIC record names First Fidelity Bank, Nation as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $115.6M.
By assets at closing this is the 157th largest of the 3,526 bank failures in the FDIC record, and the 21st 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 The First National Bank of Toms River fail?
The First National Bank of Toms River was closed by regulators on May 22, 1991.
Who acquired The First National Bank of Toms River?
The FDIC record names First Fidelity Bank, Nation as the acquiring institution in the resolution of The First National Bank of Toms River.
How big was The First National Bank of Toms River when it failed?
The First National Bank of Toms River had approximately $1.42B in total assets and $1.38B 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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