Data / Bank failures / 1989 / North Jersey Federal Sav. Assoc.
North Jersey Federal Sav. Assoc., Passaic, NJ: failed February 17, 1989
North Jersey Federal Sav. Assoc. in Passaic, New Jersey, failed on February 17, 1989. Valley NB of Wayne, NJ, took over its deposits. It held $278.1 million in assets and $304.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $131.5 million (47.3% of its assets). By assets it was the 99th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- February 17, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Valley NB, Wayne, NJ
- Total assets
- $278,145,000
- Total deposits
- $304,265,000
- Estimated cost to the FDIC
- $131,532,205 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 30050
Other bank failures in New Jersey, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| White Horse FS & La | Trenton | November 22, 1991 | $72.5 million | $67.9 million | $16.8 million | Collective FSB |
| Marine View FSB | Middletown | November 1, 1991 | $119.2 million | $107.5 million | $3.8 million | Summit Bank |
| Nutley Savings & Loan | Nutley | September 27, 1991 | $188.6 million | $178.5 million | $17.9 million | Valley NB |
| Mid-Jersey National Bank | Somerville | September 20, 1991 | $29.5 million | $28.5 million | $6 million | United Jersey Bank/central |
| Suburban National Bank | Hillsborough TWNS | July 26, 1991 | $91.1 million | $91.3 million | $27.8 million | Provident Savings Bank |
| Community Guardian Bank | Elmwood Park | July 19, 1991 | $55.3 million | $55 million | $16 million | Interchange State Bank |
| Metrobank FS & La | Palisades Park | June 28, 1991 | $474.3 million | $350.1 million | $145.8 million | First FSB of de |
| The First National Bank of Toms River | Toms River | May 22, 1991 | $1.42 billion | $1.38 billion | $115.6 million | First Fidelity Bank, Nation |
Other failed banks Valley NB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Nutley Savings & Loan | Nutley | NJ | September 27, 1991 | $188.6 million | $178.5 million | $17.9 million | Valley NB |
| First Jersey S & La Assoc. | Wyckoff | NJ | February 8, 1991 | $287.7 million | $257.4 million | $37.8 million | Valley NB |
All bank failures in 1989 · All bank failures in New Jersey · Every failed bank Valley NB 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.