Data / Bank failures / 1992 / Powder Mill Bank
Powder Mill Bank, Morris Plains, NJ: failed May 22, 1992
Powder Mill Bank in Morris Plains, New Jersey, failed on May 22, 1992. Valley National Bank of Passaic, NJ, took over its deposits. It held $49.6 million in assets and $47.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $6.9 million (13.9% of its assets). By assets it was the 121st largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- May 22, 1992
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Valley National Bank, Passaic, NJ
- Total assets
- $49,587,000
- Total deposits
- $47,944,000
- Estimated cost to the FDIC
- $6,892,585 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 27001
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 |
| 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 |
| Broadway Bank | Paterson | March 13, 1992 | $400.5 million | $383.3 million | $76.2 million | Hudson United Bank |
Other failed banks Valley National Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| The Park Avenue Bank | New York | NY | March 12, 2010 | $520.1 million | $494.5 million | $76.4 million | Valley National Bank |
| Libertypointe Bank | New York | NY | March 11, 2010 | $216.5 million | $209.5 million | $18.4 million | Valley National Bank |
All bank failures in 1992 · All bank failures in New Jersey · Every failed bank Valley National Bank 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.