Data / Bank failures / 1992 / Broadway Bank
Broadway Bank, Paterson, NJ: failed March 13, 1992
Broadway Bank in Paterson, New Jersey, failed on March 13, 1992. Hudson United Bank of Union City, NJ, took over its deposits. It held $400.5 million in assets and $383.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $76.2 million (19% of its assets). By assets it was the 39th largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- March 13, 1992
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Hudson United Bank, Union City, NJ
- Total assets
- $400,540,000
- Total deposits
- $383,318,000
- Estimated cost to the FDIC
- $76,187,895 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 15000
Other bank failures in New Jersey, 1990 to 1994
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Security Federal | Vineland | December 4, 1992 | $1.19 billion | $857.6 million | $41.4 million | Meridian Bank, NJ |
| Carteret FSB | Madison | December 4, 1992 | $4.83 billion | $2.72 billion | $24 million | |
| Polifly FS & La | New Milford | November 20, 1992 | $458 million | $374 million | $35.1 million | |
| The Howard Savings Bank | Newark | October 2, 1992 | $3.46 billion | $3.38 billion | $68 million | First Fidelity Bank NA N |
| Hometown Bank | Edison | September 25, 1992 | $25.2 million | $24.8 million | $7.3 million | Somerset Trust Co |
| Highlands Community Bank, N.A. | Clinton Township | September 25, 1992 | $19.7 million | $19.5 million | $2.5 million | Somerset Trust Co |
| Volunteer Fsa | Little Ferry | June 5, 1992 | $51.2 million | $49.4 million | $5.2 million | Interchange State Bank |
| Powder Mill Bank | Morris Plains | May 22, 1992 | $49.6 million | $47.9 million | $6.9 million | Valley National Bank |
Other failed banks Hudson United Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Connecticut Bank of Commerce | Stamford | CT | June 26, 2002 | $384.2 million | $344.4 million | $53.8 million | Hudson United Bank |
| Irving Savings & Loan | Paterson | NJ | January 18, 1991 | $222.5 million | $235.8 million | $25.7 million | Hudson United Bank |
| Pan American National Bank | Union City | NJ | March 18, 1983 | $37.2 million | $36.3 million | $5 million | Hudson United Bank |
All bank failures in 1992 · All bank failures in New Jersey · Every failed bank Hudson United Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.