Bank Failure
Eliot Savings Bank
Closed June 29, 1990 · Boston, MA · FDIC Cert #22320.
- Closing date
- June 29, 1990
- Headquarters
- Boston, MA
- FDIC Certificate
- 22320
- Total assets at closing
- $479.5M
- Total deposits at closing
- $468.0M
- Estimated loss to DIF
- $212.3M
- Resolution
- Failure (closed by regulators)
- Acquirer
- South Boston Savings Bank
Context
On June 29, 1990, regulators closed Eliot Savings Bank, headquartered in Boston, MA. At closing, the institution held approximately $479.5M in assets and $468.0M in deposits. The FDIC arranged a resolution under which South Boston Savings Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $212.3M.
By assets at closing this is the 388th largest of the 3,524 bank failures in the FDIC record, and the 49th of 381 in 1990. 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 Eliot Savings Bank fail?
Eliot Savings Bank was closed by regulators on June 29, 1990.
Who acquired Eliot Savings Bank?
South Boston Savings Bank acquired the failed bank's deposits and operations on June 29, 1990 under an FDIC-brokered resolution.
How big was Eliot Savings Bank when it failed?
Eliot Savings Bank had approximately $479.5M in total assets and $468.0M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
Explore: all failures · MA bank events · 1990 events · events hub