Full text of Federal Reserve Bank of New York Circulars : 10470. Closing of Colonial Federal Savings Association

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FEDERAL RESERVE BANK
OF NEW YORK
Circular No. 10470 1
July 12, 1991

[

Closing of Colonial Federal Savings Association

To All Depository Institutions, and Others Concerned,
in the Second Federal Reserve District:

We have been advised that on July 5, 1991, the Director of the Office of Thrift
Supervision, Department of the Treasury, declared Colonial Federal Savings Asso­
ciation, Roselle Park, New Jersey (routing number 2212-7209-9) (“Colonial”) in­
solvent and ordered it closed. The Resolution Trust Corporation (the “RTC”) was
appointed receiver and transferred insured deposits of Colonial’s banking office in
Colonia, New Jersey to United Counties Trust Company, Cranford, New Jersey
(“United Counties”). The insured deposits in Colonial’s other four offices will be
paid by the RTC.
United Counties has agreed to accept presentment of cash items payable by,
through, or at Colonial and to accept the return o f cash items originally deposited
at Colonial. Items drawn on accounts at the four closed offices o f Colonial will be
returned by United Counties.
E. G er a ld C o r r ig a n ,

President.