Friday, May 01, 2009

Bank Failure 31: Citizens Community Bank, Ridgewood, New Jersey

by Calculated Risk on 5/01/2009 05:05:00 PM

What is that I smell?
Mixing money aroma...
Two Jersey banks merge.

by Soylent Green is People

From the FDIC: North Jersey Community Bank, Englewood Cliffs, New Jersey, Assumes All of the Deposits of Citizens Community Bank, Ridgewood, New Jersey
Citizens Community Bank, Ridgewood, New Jersey, was closed today by the New Jersey Department of Banking and Insurance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with North Jersey Community Bank, Englewood Cliffs, New Jersey, to assume all of the deposits of Citizens Community Bank.
...
As of December 31, 2008, Citizens Community Bank had total assets of approximately $45.1 million and total deposits of $43.7 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund will be $18.1 million. North Jersey Community Bank's acquisition of the deposits of Citizens Community Bank was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives.

Citizens Community Bank is the 31st bank to fail in the nation this year and the first in New Jersey. The last FDIC-insured institution to fail in the state was Dollar Savings Bank, Newark, on February 14, 2004.