Data / Bank failures / 1992 / Polifly FS & La
Polifly FS & La, New Milford, NJ: failed November 20, 1992
Polifly FS & La in New Milford, New Jersey, failed on November 20, 1992. It held $458 million in assets and $374 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $35.1 million (7.7% of its assets). By assets it was the 36th largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- November 20, 1992
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- None, NA
- Total assets
- $457,974,000
- Total deposits
- $374,000,000
- Estimated cost to the FDIC
- $35,138,029 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 28394
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 | |
| 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 |
| Broadway Bank | Paterson | March 13, 1992 | $400.5 million | $383.3 million | $76.2 million | Hudson United Bank |
All bank failures in 1992 · 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.