Bank Failure
COMMERCIAL BANK AND TRUST COMPANY
Closed May 6, 1994 · LOWELL, MA · FDIC Cert #18332.
- Closing date
- May 6, 1994
- Headquarters
- LOWELL, MA
- FDIC Certificate
- 18332
- Total assets at closing
- $30,274,000
- Total deposits at closing
- $29,762,000
- Estimated loss to DIF
- $3,750,000
- Resolution type
- other
- Acquirer
- MEDFORD SAVINGS BANK (FDIC Cert #4608)
Context
On May 6, 1994, regulators closed COMMERCIAL BANK AND TRUST COMPANY, headquartered in LOWELL, MA. At closing, the institution held approximately $30,274,000 in assets and $29,762,000 in deposits. The FDIC arranged a resolution under which MEDFORD SAVINGS BANK acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $3,750,000.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1994
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1994-12-16 | CORNERSTONE BANK FSB | MISSION VIEJO, CA | $44,345,000 |
| 1994-10-21 | LUDLOW SAVINGS BANK | LUDLOW, MA | $222,671,000 |
| 1994-08-26 | CAPITAL BANK | DOWNEY, CA | $76,892,000 |
| 1994-08-12 | BANK OF NEWPORT | NEWPORT BEACH, CA | $167,802,000 |
| 1994-07-29 | COMMERCE BANK | NEWPORT BEACH, CA | $142,315,000 |
| 1994-07-29 | WESTERN COMMUNITY BANK | CORONA, CA | $54,013,000 |
| 1994-07-15 | BANK OF SAN PEDRO | LOS ANGELES, CA | $132,636,000 |
| 1994-07-08 | PIONEER BANK | FULLERTON, CA | $133,250,000 |
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