Closed Saturday, February 14, 2004 · Newark, Essex County, New Jersey
Dollar Savings Bank
No bank in New Jersey had failed for eleven years, since Security Savings Bank, SLA closed in 1992. No bank took over Dollar Savings Bank's deposits: the FDIC paid insured depositors directly. The FDIC records no estimated loss to the Savings Association Insurance Fund from this failure.
On the books, 1996 to 2003
Total assets were at their highest of these 32 quarters in the final report, for the fourth quarter of 2003. Equity capital went from 12% of assets in the first quarter of 1996 to 16% at the last report. The deepest annual loss, $427 thousand, was booked in 1997.
Size against the other 2004 failures
Total assets of each 2004 failure, log scale; Dollar Savings Bank in red.
By assets it ranked fourth of the 4 failures in 2004. Within New Jersey it ranks 59th by size of the 98 failures recorded since 1934. Across the failures of 2004, the median estimated loss came to 1.6% of assets. The next-larger failure of that year was Reliance Bank of White Plains, New York ($28.6 million, loss 3.2% of assets). Every 2004 failure in the explorer.
Failures in New Jersey
The next was Citizens Community Bank of Ridgewood, on May 1, 2009. Essex County has 10 failed banks on FDIC record since 1934. Closest in time: Mountain Ridge State Bank (1990), Trident Federal Savings and Loan Association (1991), Nutley Savings Bank, SLA (1991), The Howard Savings Bank (1992), Carteret Savings Bank, FA (1992).