Brandon Lee
Collective Federal Bank, also known as Collective Bank, was a savings bank with approximately 82 branches across 15 counties in New Jersey. The bank was established on January 1, 1927, and offered a full range of financial products and services to individuals and businesses. It was a subsidiary of Collective Bancorp Inc., a savings and loan holding company. The bank is now inactive, having merged without assistance with Summit Bank (#550).
| Characteristics | Values |
|---|---|
| Name | Collective Federal Savings Bank |
| Holding Company | Collective Bancorp Inc. |
| Address | 158 Philadelphia Avenue, Egg Harbor, NJ 8215 |
| County | Atlantic |
| FDIC Certificate # | 28429 |
| Status | Inactive |
| Federal Reserve ID | 529677 |
| Date Established | January 1, 1927 |
| Bank Charter Class | Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS) |
| Number of Branches | Approximately 82 |
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What You'll Learn
Collective Federal Savings Bank was established in 1927
Collective Federal Savings Bank, a longstanding financial institution in New Jersey, has a history that dates back to the 1920s. Established in 1927, the bank has played a significant role in serving the financial needs of the local community for almost a century.
The late 1920s, the era of the Roaring Twenties, witnessed a booming economy and a time of prosperity across the country. It was within this economic climate that Collective Federal Savings Bank first opened its doors. The bank was founded to serve the financial needs of the growing community in New Jersey, offering a range of banking services to individuals and businesses alike.
From its early days, the bank focused on providing traditional savings and loan services, helping people secure funds for important purchases, such as homes and businesses, while also offering a safe place to deposit and grow their savings. Over the years, the bank has evolved and adapted to meet the changing needs of its customers and the broader financial landscape.
As the bank grew and expanded, it remained committed to its core values of providing exceptional customer service and supporting the local community. This commitment has been a key factor in the bank's longevity and its ability to weather economic storms, including the Great Depression and more recent financial crises. By staying true to its founding principles, Collective Federal Savings Bank has earned the trust and loyalty of its customers.
Today, Collective Federal Savings Bank continues to serve its community, offering a range of modern financial products and services while maintaining the personal touch and dedication to customer service that has been a hallmark of the institution since its inception. The bank's long history and deep roots in New Jersey set it apart and serve as a testament to its resilience and dedication to its customers and community.
As Collective Federal Savings Bank moves forward, it honors its rich history while embracing innovation and change. By adapting to the evolving needs of its customers and the financial industry, the bank ensures its continued relevance and ability to serve for years to come.
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It was located in Egg Harbor, New Jersey
Yes, there was a Collective Federal Bank located in Egg Harbor, New Jersey. To be precise, the bank was situated in Egg Harbor Township, Atlantic County, New Jersey. The address was 158 Philadelphia Avenue, Egg Harbor, NJ 8215.
The bank was established on January 1, 1927, and was a savings association with a state or federal charter. It was supervised by the Office of Thrift Supervision (OTS), which is responsible for regulating and inspecting thrift institutions in the United States. The bank was FDIC insured and a member of the Savings Association Insurance Fund (SAIF).
Collective Federal Bank later merged with Summit Bank (#550) and became inactive. The last structure change effective date was March 14, 1998, and the last data update was on April 8, 1998. This information can be found on the Bank Encyclopedia website, which provides details on the history and status of banks in the United States.
While the specific memories or experiences associated with this particular bank branch in Egg Harbor may vary among individuals, it is clear that the institution served the financial needs of the local community during its operational years.
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It was a savings association, state or federally chartered
Savings and loan associations (S&Ls), also known as savings banks, thrift institutions, or just thrifts, are financial institutions that provide banking and home lending services. They are typically owned by customers or shareholders, though some are publicly traded companies. S&Ls receive savings from individuals and use those funds to provide loans, primarily residential mortgages. They also offer other financial products and services such as checking accounts and home equity loans.
The history of savings associations in the mutual form of ownership dates back to the formation of the first savings association in 1831 - the Oxford Provident Building Association. Members financed each other's homes by buying shares in the association and pooling their money. As mutual savings associations evolved, they continued to provide housing finance to their members. Today, mutual savings associations still provide mortgages and consumer finance products to their communities and members, resembling other full-service banks in many ways.
In the United States, the Federal Home Loan Bank Act of 1932 established the Federal Home Loan Bank System, a network of government-sponsored entities designed to fund and support member home-lending institutions. This led to the development of local, federally-chartered S&Ls across the country. With low-cost government funding, these institutions offered long-term home loans at fixed interest rates, eventually evolving into the 30-year mortgage.
While S&Ls played a significant role in making homeownership attainable for numerous middle-class Americans throughout the 20th century, many faced challenges due to inflation and competition from other lenders in the 1980s and 1990s. The United States Congress granted all thrifts, including S&Ls, expanded powers in 1980, allowing them to make consumer and commercial loans and issue transaction accounts. However, deregulation also increased interest rate risks for these institutions.
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It was supervised by the Office of Thrift Supervision (OTS)
The Office of Thrift Supervision (OTS) was a United States federal agency that supervised and regulated federally chartered and state-chartered savings banks and savings and loan associations. It was created in 1989 as a renamed version of the Federal Home Loan Bank Board, another federal agency criticised for its role in the savings and loan crisis. The OTS was placed under the supervision of the Department of the Treasury.
The OTS was initially seen as an aggressive regulator, but this stance changed over time. Declining revenues and staff led the OTS to market itself to companies as a lax regulator to generate revenue. The OTS also expanded its oversight to include non-bank companies, with more than a third of its approved charters in 1998 going to non-banks. By 2004, the OTS had adopted an aggressively deregulatory stance toward the mortgage lenders it regulated, allowing the reserves that banks held as a buffer against losses to decrease to a historic low.
The OTS was the primary regulator of Federal Savings Associations (sometimes referred to as Federal thrifts), which include Federal Savings Banks and Federal Savings and Loans. It was also responsible for supervising Savings and Loan Holding Companies (SLHCs) and some state-chartered institutions. Some of the larger institutions regulated by the OTS included General Electric (GE), AIG, Inc., Ameriprise Financial, American Express, Morgan Stanley, and Merrill Lynch.
In 2008, then-Treasury Secretary Henry Paulson proposed merging the OTS with the Office of the Comptroller of the Currency. On 17 June 2009, President Barack Obama announced that he supported this proposal, and on 21 July 2011, the merger was finalised.
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It was acquired by Summit Bank
The Collective Federal Bank in New Jersey was acquired by Summit Bank in 1997. Summit Bank, or Summit Bancorp, was a bank based in Summit, New Jersey, that operated in New Jersey, Pennsylvania, and Connecticut. The history of Summit Bancorp dates back to 1899, when it was first organised. Over the years, the bank expanded through various acquisitions. In 1994, for example, it acquired Bankers Corporation and Crestmont Financial Corporation.
The acquisition of Collective Bancorp in 1997 was part of Summit Bank's growth strategy. By acquiring Collective Bancorp, Summit Bank gained access to additional branches, customers, and assets, allowing it to expand its presence in New Jersey. This acquisition was aligned with Summit Bank's goal of consolidating its position as a leading financial institution in the region.
The deal was likely structured as a stock transaction, with Collective Bancorp shareholders receiving Summit Bank shares in exchange for their Collective Bancorp holdings. The exact terms of the deal, including the value of the transaction and the number of shares exchanged, were not publicly disclosed. However, it is believed to have been a mutually beneficial agreement, as it allowed Collective Bancorp to join forces with a larger financial institution, providing greater resources and opportunities for its customers and employees.
Following the acquisition, Collective Federal Bank's operations were integrated into Summit Bank's existing infrastructure. This included the merging of branches, the unification of policies and procedures, and the consolidation of back-office functions. The combined entity continued to operate under the Summit Bank name, building on the reputation and brand recognition that Summit Bank had established over the years.
The acquisition of Collective Federal Bank by Summit Bank was a significant event in the history of New Jersey's banking industry. It contributed to the consolidation and growth of Summit Bank, enabling it to expand its customer base, enhance its financial offerings, and solidify its presence in the competitive banking landscape of the region. This move positioned Summit Bank as a key player in the financial services industry in New Jersey and reinforced its commitment to providing comprehensive banking solutions to its customers.
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Frequently asked questions
Yes, Collective Federal Bank in Egg Harbor, New Jersey, merged with Summit Bank.
Collective Federal Bank operated approximately 82 branches in 15 counties in New Jersey.
It was a savings bank that provided a full range of financial products and services to individuals and businesses.
