Failed Bank List

Closed Friday, December 4, 1992 · Madison, Essex County, New Jersey

Carteret Savings Bank, FA

By total assets Carteret Savings Bank, FA is the 42nd-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. It was the third-largest of the 179 bank failures in 1992. Of the 98 failed banks on record in New Jersey since 1934, it ranks second by size.

On the books, 1984 to 1992

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$2B$4B$6B$8B19851986198719881989199019911992Closed
Total assets peaked at $7.2 billion in the second quarter of 1989 and were 33% lower at the final report. Equity capital went from 2.6% of assets in the fourth quarter of 1984 to 1.2% at the last report. The deepest annual loss, $160 million, was booked in 1991.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$200M−$200M1984: $15.4 million19842.6%1985: $35.1 million19853.9%1986: $47.5 million19864.9%1987: $31.8 million19874.9%1988: $1.1 million19884.3%1989: $8.2 million19894.9%1990: −$132 million19903.5%1991: −$160 million19910.9%1992: $9.1 million1992*1.2%
* 1992: January to September only, the last report before closing.

Size against the other 1992 failures

Total assets of the 179 banks that failed in 1992, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 1992 failure, log scale; Carteret Savings Bank in red.

In the size ranking of that year, just above it was CrossLand Savings, FSB of Brooklyn, New York ($7.4 billion, loss 10% of assets); just below, Meritor Savings Bank of Philadelphia, Pennsylvania ($4.1 billion, no estimated loss). Every 1992 failure in the explorer.

Regulators closed six banks that day. The largest of the others was Second National Federal Savings Bank of Salisbury, Maryland, at $1.6 billion.

Failures in New Jersey

In 1992 regulators closed 10 banks in New Jersey; this was the ninth. The previous failure there was Polifly Savings and Loan Association of New Milford, on November 20, 1992. The next was Dollar Savings Bank of Newark, on February 14, 2004. Essex County has 10 failed banks on FDIC record since 1934. Closest in time: Yorkwood Savings and Loan Association (1990), Mountain Ridge State Bank (1990), Trident Federal Savings and Loan Association (1991), Nutley Savings Bank, SLA (1991), The Howard Savings Bank (1992).

Bank failures in New Jersey per year, 1980 to 202604812161983: 11987: 11989: 51990: 141991: 161992: 102004: 12009: 22010: 12011: 12012: 12017: 12019: 119801990200020102020
Per year since 1980, 1992 in red. Every New Jersey failure

FDIC certificate 30080 · loss estimate as of July 31, 2026 · How to read this page