Data / Bank failures / 1987 / Fort Lee S&LA
Fort Lee S&LA, Fort Lee, NJ: received FDIC assistance June 30, 1987
Fort Lee S&LA in Fort Lee, New Jersey, received open bank assistance from the FDIC on June 30, 1987. It held $170.6 million in assets and $183.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $13.1 million (7.7% of its assets). By assets it was the 34th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- June 30, 1987
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Ensign Bank FSB, New York, NY
- Total assets
- $170,600,000
- Total deposits
- $183,297,000
- Estimated cost to the FDIC
- $13,141,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 29917
Other bank failures in New Jersey, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| City Savings, FSB | Somerset | December 8, 1989 | $9.81 billion | $7.32 billion | $1.57 billion | |
| Colonial Federal Savings Assoc. | Roselle Park | November 9, 1989 | $427.1 million | $338 million | $103.5 million | |
| Metropolitan Fed. S & L Assoc. | Denville | April 27, 1989 | $168.2 million | $174.9 million | $15,545 | Collective FSB |
| Elysian Federal Savings Bank | Hoboken | February 17, 1989 | $198.7 million | $200.6 million | $30.9 million | Pamrapo SB, SLA |
| North Jersey Federal Sav. Assoc. | Passaic | February 17, 1989 | $278.1 million | $304.3 million | $131.5 million | Valley NB |
| Reliance FS&LA (assistance) | Rahway | November 2, 1988 | $64.3 million | $82.5 million | $11.4 million | Crossland Savings FSB |
| Lincoln FS&LA (assistance) | Westfield | November 1, 1988 | $1.25 billion | $964.6 million | $210.3 million | First Nationwide |
| First FS&LA of Hammonton (assistance) | Hammonton | May 25, 1988 | $237.6 million | $298.3 million | $82 million | Raritan Valley S&LA |
Other failed banks Ensign Bank FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Community FS&LA (assistance) | Hialeah | FL | August 31, 1983 | $123.1 million | $101.8 million | $1.2 million | Ensign Bank FSB |
| Washington FS&LA (assistance) | New York | NY | August 31, 1983 | $645 million | $548.3 million | $11.8 million | Ensign Bank FSB |
All bank failures in 1987 · All bank failures in New Jersey · Every failed bank Ensign Bank FSB took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.