Bank Failure
Lowell Institution for Savings
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Closed August 30, 1991 · Lowell, MA · FDIC Cert #90228.
- Closing date
- August 30, 1991
- Headquarters
- Lowell, MA
- FDIC Certificate
- 90228
- Total assets at closing
- $386.4M
- Total deposits at closing
- $318.1M
- Estimated loss to the insurance fund
- $122.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- The Family Mutual Savings B
Context
On August 30, 1991, regulators closed Lowell Institution for Savings, headquartered in Lowell, MA. At closing, the institution held approximately $386.4M in assets and $318.1M in deposits. The FDIC record names The Family Mutual Savings B as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $122.0M.
By assets at closing this is the 466th largest of the 3,526 bank failures in the FDIC record, and the 62nd 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 Lowell Institution for Savings fail?
Lowell Institution for Savings was closed by regulators on August 30, 1991.
Who acquired Lowell Institution for Savings?
The FDIC record names The Family Mutual Savings B as the acquiring institution in the resolution of Lowell Institution for Savings.
How big was Lowell Institution for Savings when it failed?
Lowell Institution for Savings had approximately $386.4M in total assets and $318.1M 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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