NORTH JERSEY FEDERAL SAV. ASSOC. Failed 1989
What happened
NORTH JERSEY FEDERAL SAV. ASSOC. of PASSAIC, NJ was closed on 1989-02-17. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to VALLEY NB (WAYNE, NJ). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 2118
- FDIC Certificate
- 30050
- FDIC FIN
- 7317
- Bank name
- NORTH JERSEY FEDERAL SAV. ASSOC.
- Location
- PASSAIC, NJ
- Failure date
- 1989-02-17
- FDIC resolution date
- 1991-06-07
- Charter type
- SL
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $132M
- Deposits at failure
- $304M
- Assets at failure
- $278M
- Acquiring bank
- VALLEY NB (WAYNE, NJ)
Other banks VALLEY NB acquired in FDIC resolutions