Data / Bank failures / 1988 / Reliance FS&LA
Reliance FS&LA, Rahway, NJ: received FDIC assistance November 2, 1988
Reliance FS&LA in Rahway, New Jersey, received open bank assistance from the FDIC on November 2, 1988. It held $64.3 million in assets and $82.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $11.4 million (17.7% of its assets). By assets it was the 239th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- November 2, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Crossland Savings FSB, Salt Lake City, UT
- Total assets
- $64,346,000
- Total deposits
- $82,502,000
- Estimated cost to the FDIC
- $11,398,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 28293
Other bank failures in New Jersey, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Old Borough Savings & Loan | Trenton | December 14, 1990 | $133.5 million | $117.2 million | $6,444 | New Jersey NB |
| Empire Savings Bank | Hammonton | December 14, 1990 | $219.3 million | $193.7 million | $28.3 million | United Jersey Bank/so., NA |
| Action Federal Savings | Sommers Point | November 15, 1990 | $262 million | $199 million | $81.7 million | First FSB of de |
| Riverside Savings Bank | Riverside | November 2, 1990 | $177.8 million | $145 million | $57.2 million | |
| Mountain Ridge State Bank | West Orange | October 5, 1990 | $51.4 million | $50.2 million | $12.8 million | Mountain Ridge Bank |
| Mercer Savings Bank | Trenton | September 21, 1990 | $92.7 million | $83.4 million | $18.6 million | Pulawski SB, SLA |
| Mainstay Federal Savings | Red Bank | July 20, 1990 | $226.1 million | $165.9 million | $52.5 million | Bankers Savings |
| The Montgomery National Bank | Montgomery TWNSP | June 29, 1990 | $92.6 million | $91.6 million | Amboy National Bank |
Other failed banks Crossland Savings FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Western S&LA (assistance) | Salt Lake City | UT | March 24, 1987 | $392.7 million | $360.8 million | $478,000 | Crossland Savings FSB |
All bank failures in 1988 · All bank failures in New Jersey · Every failed bank Crossland Savings FSB 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.