Full text of Federal Reserve Bank of New York Circulars : 10389. Closing of Mountain Ridge State Bank

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FEDERAL RESERVE B A N K
OF NEW YO RK

[

Circular No. 10389
October 10, 1990

J

CLOSING OF MOUNTAIN RIDGE STATE BANK
To All Depository Institutions, and Others Concerned,
in the Second Federal Reserve District:

We have been advised that on October 5, 1990 the Commissioner of Banking of
the State of N ew Jersey declared Mountain Ridge State Bank, W est Orange, N ew Jersey
(“Mountain Ridge”) insolvent and ordered it closed. The Federal Deposit Insurance Cor­
poration was appointed receiver and entered into an agreement with Mountain Ridge Bank,
W est Orange, N ew Jersey, a newly chartered bank, under which Mountain Ridge Bank
acquired certain assets and accepted the transfer of certain liabilities of Mountain Ridge.
Mountain Ridge Bank has agreed to accept all items sent to or payable by, through,
or at Mountain Ridge (including checks, and ACH items) and to accept the return of cash
items originally deposited at Mountain Ridge. Mountain Ridge Bank will contine to use
the routing number formerly used by Mountain Ridge State Bank (0212-0664-7).




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President.