HOMETOWN BANK Failed 1992
What happened
HOMETOWN BANK of EDISON, NJ was closed on 1992-09-25. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to SOMERSET TRUST CO (SOMERVILLE, NJ). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3377
- FDIC Certificate
- 27416
- FDIC FIN
- 4518
- Bank name
- HOMETOWN BANK
- Location
- EDISON, NJ
- Failure date
- 1992-09-25
- FDIC resolution date
- 1992-09-25
- 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
- $25M
- Assets at failure
- $25M
- Acquiring bank
- SOMERSET TRUST CO (SOMERVILLE, NJ)
Other banks SOMERSET TRUST CO acquired in FDIC resolutions