The Risk Professional: US bank failures top 120 this year with first in New Jersey
The failure of INS bank from Cherry Hill, New Jersey marked two milestones in the continued catastrophe that is the USA's small bank sector. It's the 120th bank to fail this year and the first in New Jersey.
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INS is yet another tiny bank that has reached the end of what has, in recent years, been a very rocky road. It had just USD81.6 million in "assets" and USD79.7 million in deposits.
As with the majority of banks which have been forced out of business, its deposits and most of the assets have been transferred to another bank - and as in the majority of cases, no premium was paid effectively valuing the failed bank's business and goodwill at zero.
INS was one of six banks that were closed by regulators on Friday 17th September, bringing the total so far this year to 125.
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