Bank Failure
Bank of New England, National Assoc
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Closed January 6, 1991 · Boston, MA · FDIC Cert #2560.
- Closing date
- January 6, 1991
- Headquarters
- Boston, MA
- FDIC Certificate
- 2560
- Total assets at closing
- $13.43B
- Total deposits at closing
- $9.41B
- Estimated loss to the insurance fund
- $572.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- New Bank of New England, N.A.
Context
On January 6, 1991, regulators closed Bank of New England, National Assoc, headquartered in Boston, MA. At closing, the institution held approximately $13.43B in assets and $9.41B in deposits. The FDIC record names New Bank of New England, N.A. as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $572.6M.
By assets at closing this is the 9th largest of the 3,526 bank failures in the FDIC record, and the 1st of 268 in 1991. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Bank of New England, National Assoc fail?
Bank of New England, National Assoc was closed by regulators on January 6, 1991.
Who acquired Bank of New England, National Assoc?
The FDIC record names New Bank of New England, N.A. as the acquiring institution in the resolution of Bank of New England, National Assoc.
How big was Bank of New England, National Assoc when it failed?
Bank of New England, National Assoc had approximately $13.43B in total assets and $9.41B in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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