First State Bank Was 79th Failure Of 2011

CRANFORD – Northfield Bancorp Inc., acquired the deposits and assets of First State Bank of Cranford, after it was closed by regulators last month. First State Bank was the 79th bank failure of 2011.

“Our team is working closely with the FDIC (Federal Deposit Insurance Corporation) to ensure a smooth tranistion for First State Bank deposit and loan customers,” Northfield Bank Chairman and CEO John W. Alexander said last month when the acquisition was announced.

Northfield opened First State Bank’s two locations under the Northfield name. The former First State Bank customers gained access to Northfield’s existing network of 21 branches once computer records were converted and integrated into Northfield’s system.

As of June 30, First State Bank reported $204.4 million in assets and $201.2 million in deposits. Northfield Bank had $1.4 billion in total deposits and loans totaling $902.6 million as of June 30.

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