First BankAmericano, Elizabeth, NJ

First BankAmericano has closed its doors by order of the New Jersey Department of Banking and Insurance. The FDIC will take receivership of the bank.

First BankAmericano, Elizabeth, New Jersey, was closed today by the New Jersey Department of Banking and Insurance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Crown Bank, Brick, New Jersey, to assume all of the deposits of First BankAmericano.

First BankAmericano’s six branches will reopen on Saturday as branches of Crown Bank. Depositors of First BankAmericano will automatically become depositors of Crown Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Crown Bank can fully integrate the deposit records of First BankAmericano.

For more information, visit the official FDIC Web page for First BankAmericano.

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