POWDER MILL BANK Failed 1992
What happened
POWDER MILL BANK of MORRIS PLAINS, NJ was closed on 1992-05-22. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to VALLEY NATIONAL BANK (PASSAIC, NJ). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3328
- FDIC Certificate
- 27001
- FDIC FIN
- 4491
- Bank name
- POWDER MILL BANK
- Location
- MORRIS PLAINS, NJ
- Failure date
- 1992-05-22
- FDIC resolution date
- 1992-05-22
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $7M
- Deposits at failure
- $48M
- Assets at failure
- $50M
- Acquiring bank
- VALLEY NATIONAL BANK (PASSAIC, NJ)
Other banks VALLEY NATIONAL BANK acquired in FDIC resolutions