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Originally Posted by RJB1180
Is anyone worried about Amboy going under??
When Kara Homes filed for bankruptcy this month, Amboy National Bank of Old Bridge was listed as the largest creditor with $58.2 million in loans.
When local real estate mogul Solomon Dwek's $400 million empire was frozen by a judge following charges of bank fraud, Amboy was again the largest creditor — for $49.7 million.
Just as Amboy has been surprised by the loans gone bad, a real estate market in decline could spell financial trouble for other local banks and thrifts that have lent heavily for housing developments and commercial real estate, bank analysts and federal regulators say.
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I wouldn't be concerned. Amboy has been around for 118 years and is sound with total assets of more than $2.6 billion, net income for 2005 was $81.8 million with shareholder's equity of $196 million.
On top of that, each account is FDIC insured.