Failed Bank List

Closed Friday, May 1, 2009 · Ridgewood, Bergen County, New Jersey

Citizens Community Bank

No bank in New Jersey had failed for five years, since Dollar Savings Bank closed in 2004. Equity capital was below zero at Citizens Community Bank's last report. It lost money in every one of the six reporting years on file before it closed.

On the books, 2004 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$15M$30M$45M$60M2005200620072008Closed
Total assets peaked at $57.3 million in the third quarter of 2006 and were 29% lower at the final report. Equity capital had covered 58% of assets in the fourth quarter of 2004. By then 24% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $2.6 million, was booked in 2008.
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−$3.2M2004: −$1.3 million200458%2005: −$1.6 million200514%2006: −$1.7 million20066.6%2007: −$1.4 million20075.2%2008: −$2.6 million20080.3%2009: −$384 thousand2009*neg.
* 2009: January to March only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; Citizens Community Bank in red.

By assets it ranked 133rd of the 140 failures in 2009. Within New Jersey it ranks 49th by size of the 98 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was The Tattnall Bank of Reidsville, Georgia ($49.6 million, loss 30% of assets); just below, Valley Capital Bank, N.A. of Mesa, Arizona ($40.3 million, loss 37% of assets). Every 2009 failure in the explorer.

Two other banks closed that day; the largest was Silverton Bank, NA of Atlanta, Georgia, at $4.2 billion.

Failures in New Jersey

It was one of two banks in New Jersey to fail in 2009. The next was First BankAmericano of Elizabeth, on July 31, 2009. Bergen County has 7 failed banks on FDIC record since 1934. Closest in time: Metrobank for Savings FSB (1991), Community Guardian Bank (1991), Volunteer Savings Bank SLA (1992), Polifly Savings and Loan Association (1992), Fort Lee Federal Savings Bank, FSB (2012).

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, 2009 in red. Every New Jersey failure

FDIC certificate 57563 · loss estimate as of July 31, 2026 · How to read this page