Full text of Federal Reserve Bank of New York Circulars : 10325. Closing of City Savings Bank

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FEDERAL RESERVE BANK
OF NEW YORK

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Circular No. 10325 ~1
December 15, 1989

J

Closing of City Federal Savings Bank

To All Depositary Institutions, and Others Concerned,
in the Second Federal Reserve District:
We have been advised that on D ecem ber 8, 1989, the Director o f the O ffice o f Thrift Supervision, D e­
partment o f the Treasury, declared City Federal Savings Bank, Bedminster, New Jersey, (“City Federal”) in­
solvent and ordered it closed. The Resolution Trust Corporation (the “RTC”) was appointed receiver. Upon
its appointment, the receiver took p ossession o f all o f the assets o f City Federal. The receiver entered into
a purchase and assumption agreement with City Savings Bank, F.S.B., Som erset, New Jersey, (“City Savings”),
a newly chartered federal savings association, whereby City Savings acquired certain assets and accepted the
transfer o f certain liabilities o f the failed City Federal. The RTC has been appointed the conservator o f City
Savings.
City Savings has agreed to accept presentment o f cash items payable by, through, or at City Federal and
to accept the return o f cash items originally deposited at City Federal. City Savings w ill use the routing number
previously used by City Federal (2212-7001-7).




E. G e r a l d C o r r ig a n ,

President.