Full text of Federal Reserve Bank of New York Circulars : 10418. Receivership of North Jersey Savings and Loan Association

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FEDERAL RESERVE BANK
OF NEW YORK

[

Circular No. 10418 ~
1
December 27, 1990

J

Receivership of North Jersey Savings and Loan Association
To All Depository Institutions, and Others Concerned,
in the Second Federal Reserve District:

We have been advised that on Decem ber 21, 1990 the Director of the Office
of T hrift Supervision, D epartm ent of the Treasury, determ ined that a ground for
the appointm ent of a receiver existed for North Jersey Savings and Loan A ssoci­
ation, Passaic, New Jersey (“Old North Jersey”). Resolution Trust Corporation (the
“RTC”) was appointed receiver for the purpose of liquidation. North Jersey Federal
Savings Association, Passaic, New Jersey (“New North Jersey”), a newly chartered
Federal savings association, has been organized to take over the assets and liabilities
of Old North Jersey. The RTC has been appointed the conservator of New North
Jersey.
New North Jersey has agreed to accept presentm ent of cash items payable by,
through, or at Old North Jersey and to accept the return of cash items originally
deposited at Old North Jersey. New North Jersey will use the routing num ber pre­
viously used by Old North Jersey (2212-7113-9).
E. G erald C o r rig an ,

President.