Bank Failure
First Mutual Bank for Savings
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Closed June 28, 1991 · Boston, MA · FDIC Cert #17795.
- Closing date
- June 28, 1991
- Headquarters
- Boston, MA
- FDIC Certificate
- 17795
- Total assets at closing
- $1.13B
- Total deposits at closing
- $1.08B
- Estimated loss to the insurance fund
- $169.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First National Bank of Bost
Context
On June 28, 1991, regulators closed First Mutual Bank for Savings, headquartered in Boston, MA. At closing, the institution held approximately $1.13B in assets and $1.08B in deposits. The FDIC record names First National Bank of Bost as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $169.9M.
By assets at closing this is the 190th largest of the 3,526 bank failures in the FDIC record, and the 28th 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 First Mutual Bank for Savings fail?
First Mutual Bank for Savings was closed by regulators on June 28, 1991.
Who acquired First Mutual Bank for Savings?
The FDIC record names First National Bank of Bost as the acquiring institution in the resolution of First Mutual Bank for Savings.
How big was First Mutual Bank for Savings when it failed?
First Mutual Bank for Savings had approximately $1.13B in total assets and $1.08B 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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