SECURITY FEDERAL Failed 1992
What happened
SECURITY FEDERAL of VINELAND, NJ was closed on 1992-12-04. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to MERIDIAN BANK, NJ (MEDFORD, NJ). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3423
- FDIC Certificate
- 30217
- FDIC FIN
- 1287
- Bank name
- SECURITY FEDERAL
- Location
- VINELAND, NJ
- Failure date
- 1992-12-04
- FDIC resolution date
- 1994-06-17
- Charter type
- SL
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $41M
- Deposits at failure
- $858M
- Assets at failure
- $1,186M
- Acquiring bank
- MERIDIAN BANK, NJ (MEDFORD, NJ)