N.J. Bank to Take $300-Million Charge: First...
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From Times Staff and Wire Service Reports
N.J. Bank to Take $300-Million Charge: First Fidelity Bancorp., New Jersey’s largest bank, said it will take a charge of up to $300 million in the second quarter because of sour real estate loans, wiping out profits in the period and presaging problems for other East Coast banks. Industry analysts said the bank’s woes show that problems in the Northeast real estate market are migrating down the Eastern Seaboard.
