Bank Failure
The Montgomery National Bank
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Closed June 29, 1990 · Montgomery TWNSP, NJ · FDIC Cert #22409.
- Closing date
- June 29, 1990
- Headquarters
- Montgomery TWNSP, NJ
- FDIC Certificate
- 22409
- Total assets at closing
- $92.6M
- Total deposits at closing
- $91.6M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Amboy National Bank
Context
On June 29, 1990, regulators closed The Montgomery National Bank, headquartered in Montgomery TWNSP, NJ. At closing, the institution held approximately $92.6M in assets and $91.6M in deposits. The FDIC record names Amboy National Bank as the acquiring institution in the resolution.
By assets at closing this is the 1249th largest of the 3,526 bank failures in the FDIC record, and the 161st of 381 in 1990. 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 Montgomery National Bank fail?
The Montgomery National Bank was closed by regulators on June 29, 1990.
Who acquired The Montgomery National Bank?
The FDIC record names Amboy National Bank as the acquiring institution in the resolution of The Montgomery National Bank.
How big was The Montgomery National Bank when it failed?
The Montgomery National Bank had approximately $92.6M in total assets and $91.6M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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