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N.J. DEPARTMENT OF BANKING: SUSSEX COUNTY STATE BANK TAKES NEWTON SAVINGS BANK, FSB

 N.J. DEPARTMENT OF BANKING: SUSSEX COUNTY STATE BANK
 TAKES NEWTON SAVINGS BANK, FSB
 TRENTON, N.J., March 20 /PRNewswire/ -- Sussex County State Bank, headquartered in Franklin, N.J., took all of the insured and uninsured deposits of Newton Savings Bank, FSB, it was announced today.
 The bank will close the Fairfield, N.J., office of Newton, which was primarily an administrative center, and transfer the $3 million from that location to the Newton branch location. New Jersey Banking Commissioner Jeff Connor approved the application of Sussex County State Bank to take the Newton Savings branches based on emergency powers as part of the Department of Banking's marketing effort to place failed savings and loans with viable financial institutions in New Jersey.
 "This is just one more example of the positive things that happen for the people of New Jersey when state and federal regulators and the private sector work creatively and diligently to solve problems," Connor said. "As a result of this cooperative effort, we placed the depositors of the failed Newton Savings Bank into the hands of a more viable banking network."
 Connor declared Newton as operating in an unsafe and unsound condition on May 3, 1991, and immediately referred it for takeover by the Resolution Trust Corporation (RTC), the federal entity created to resolve troubled thrifts and protect depositor funds. The two branches that will reopen as Sussex County State Bank locations are on Trinity Street in Newton and Route 206 in Andover, N.J. Sussex County State Bank now has total assets of $91.8 million, earned $188,000 last year, and is one of the best capitalized banks in the state with 10.28 percent leverage capital as of the end of last year. With this Newton acquisition, the bank now has eight branches, all of which the former Newton customers can access.
 Of the 30 savings and loans seized in the past two years in New Jersey, Newton makes the 24th complete resolution. Newton was incorporated in 1890 as the H.W. Merriam Shoe Company Building and Loan Association of Newton, and became a savings and loan and changed its name to Newton Savings in 1958.
 /delval/
 -0- 3/20/92
 /CONTACT: Christopher W. Cooney of the N.J. Department of Banking, 609-292-7001, or 609-397-4802/ CO: Sussex County State Bank; Newton Savings Bank, FSB; New Jersey
 Department of Banking ST: New Jersey IN: FIN SU:


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Publication:PR Newswire
Date:Mar 20, 1992
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