Data / Bank failures / 1992 / Hometown Bank
Hometown Bank, Edison, NJ: failed September 25, 1992
Hometown Bank in Edison, New Jersey, failed on September 25, 1992. Somerset Trust Co of Somerville, NJ, took over its deposits. It held $25.2 million in assets and $24.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $7.3 million (29.1% of its assets). By assets it was the 153rd largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- September 25, 1992
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Somerset Trust Co, Somerville, NJ
- Total assets
- $25,200,000
- Total deposits
- $24,816,000
- Estimated cost to the FDIC
- $7,342,763 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 27416
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 |
| 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 |
| Broadway Bank | Paterson | March 13, 1992 | $400.5 million | $383.3 million | $76.2 million | Hudson United Bank |
Other failed banks Somerset Trust Co took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Highlands Community Bank, N.A. | Clinton Township | NJ | September 25, 1992 | $19.7 million | $19.5 million | $2.5 million | Somerset Trust Co |
All bank failures in 1992 · All bank failures in New Jersey · Every failed bank Somerset Trust Co 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.