Data / Bank failures / 1991 / Community Guardian Bank
Community Guardian Bank, Elmwood Park, NJ: failed July 19, 1991
Community Guardian Bank in Elmwood Park, New Jersey, failed on July 19, 1991. Interchange State Bank of Saddle Brook, NJ, took over its deposits. It held $55.3 million in assets and $55 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $16 million (28.9% of its assets). By assets it was the 163rd largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- July 19, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Interchange State Bank, Saddle Brook, NJ
- Total assets
- $55,327,000
- Total deposits
- $55,038,000
- Estimated cost to the FDIC
- $16,016,188 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 26331
Other bank failures in New Jersey, 1989 to 1993
| 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 Interchange State Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Volunteer Fsa | Little Ferry | NJ | June 5, 1992 | $51.2 million | $49.4 million | $5.2 million | Interchange State Bank |
All bank failures in 1991 · All bank failures in New Jersey · Every failed bank Interchange State 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.