Data / Bank failures / 1990 / First Atlantic S & La
First Atlantic S & La, Plainfield, NJ: failed February 23, 1990
First Atlantic S & La in Plainfield, New Jersey, failed on February 23, 1990. It held $1.30 billion in assets and $1.01 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $233.5 million (18% of its assets). By assets it was the 24th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- February 23, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption of the insured deposits only
- Acquirer
- None, NA
- Total assets
- $1,296,682,000
- Total deposits
- $1,009,768,000
- Estimated cost to the FDIC
- $233,531,156 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 27739
Other bank failures in New Jersey, 1988 to 1992
| 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 |
All bank failures in 1990 · All bank failures in New Jersey · 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.