NEWTON SAVINGS BANK, FSA Failed 1991
What happened
NEWTON SAVINGS BANK, FSA of FAIRFIELD, NJ was closed on 1991-05-03. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to SUSSEX COUNTY STATE BANK (FRANKLIN, NJ). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3086
- FDIC Certificate
- 31179
- FDIC FIN
- 2190
- Bank name
- NEWTON SAVINGS BANK, FSA
- Location
- FAIRFIELD, NJ
- Failure date
- 1991-05-03
- FDIC resolution date
- 1992-03-20
- Charter type
- SL
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $4M
- Deposits at failure
- $38M
- Assets at failure
- $41M
- Acquiring bank
- SUSSEX COUNTY STATE BANK (FRANKLIN, NJ)