# NORTH JERSEY FEDERAL SAV. ASSOC.

> **Failed bank** · PASSAIC, NJ · failed 1989-02-17 · SL · FDIC cost $132M

## What happened

NORTH JERSEY FEDERAL SAV. ASSOC. of PASSAIC, NJ was closed by state regulators 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
- **Estimated FDIC DIF cost:** $132M
- **Deposits at failure:** $304M
- **Assets at failure:** $278M
- **Acquiring bank:** VALLEY NB (WAYNE, NJ)

## Other banks VALLEY NB has acquired in FDIC resolutions

- NUTLEY SAVINGS & LOAN (NUTLEY, NJ) — failed 1991-09-27 — /failed-bank/3197
- FIRST JERSEY S & LA ASSOC. (WYCKOFF, NJ) — failed 1991-02-08 — /failed-bank/3012

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=NORTH%20JERSEY%20FEDERAL%20SAV.%20ASSOC.

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, NORTH JERSEY FEDERAL SAV. ASSOC. (FDIC ID 2118), failed 1989-02-17. Retrieved via AI Analytics 2026-05-17 from https://api.ai-analytics.org/failed-bank/2118.

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