Bank Failure
Beacon Co-Operative Bank
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Closed June 21, 1991 · Boston, MA · FDIC Cert #26659.
- Closing date
- June 21, 1991
- Headquarters
- Boston, MA
- FDIC Certificate
- 26659
- Total assets at closing
- $31.8M
- Total deposits at closing
- $30.5M
- Estimated loss to the insurance fund
- $2.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Grove Bank
Context
On June 21, 1991, regulators closed Beacon Co-Operative Bank, headquartered in Boston, MA. At closing, the institution held approximately $31.8M in assets and $30.5M in deposits. The FDIC record names Grove Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.9M.
By assets at closing this is the 2006th largest of the 3,526 bank failures in the FDIC record, and the 207th 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 Beacon Co-Operative Bank fail?
Beacon Co-Operative Bank was closed by regulators on June 21, 1991.
Who acquired Beacon Co-Operative Bank?
The FDIC record names Grove Bank as the acquiring institution in the resolution of Beacon Co-Operative Bank.
How big was Beacon Co-Operative Bank when it failed?
Beacon Co-Operative Bank had approximately $31.8M in total assets and $30.5M 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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