Data / Bank failures / 1990 / Mainstay Federal Savings
Mainstay Federal Savings, Red Bank, NJ: failed July 20, 1990
Mainstay Federal Savings in Red Bank, New Jersey, failed on July 20, 1990. Bankers Savings of Perth Amboy, NJ, took over its deposits. It held $226.1 million in assets and $165.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $52.5 million (23.2% of its assets). By assets it was the 92nd largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- July 20, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Bankers Savings, Perth Amboy, NJ
- Total assets
- $226,096,000
- Total deposits
- $165,855,000
- Estimated cost to the FDIC
- $52,532,216 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 30140
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 2026-10-24. 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.