Data / Bank failures / 1992 / The Howard Savings Bank
The Howard Savings Bank, Newark, NJ: failed October 2, 1992
The Howard Savings Bank in Newark, New Jersey, failed on October 2, 1992. First Fidelity Bank NA N of Newark, NJ, took over its deposits. It held $3.46 billion in assets and $3.38 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $68 million (2% of its assets). By assets it was the 6th largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- October 2, 1992
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Fidelity Bank NA N, Newark, NJ
- Total assets
- $3,461,421,000
- Total deposits
- $3,378,992,000
- Estimated cost to the FDIC
- $67,979,487 (estimate as of July 31, 2026)
- Charter
- Savings institution
- Insurance fund
- BIF
- FDIC certificate
- 16146
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 | |
| 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 |
Other failed banks First Fidelity Bank NA N took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| American Savings Bank | White Plains | NY | June 12, 1992 | $3.20 billion | $2.83 billion | $431.3 million | First Fidelity Bank NA N |
All bank failures in 1992 · All bank failures in New Jersey · Every failed bank First Fidelity Bank NA N 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.