Bank Failure
LOWELL INSTITUTION FOR SAVINGS
Closed August 30, 1991 · LOWELL, MA · FDIC Cert #90228.
- Closing date
- August 30, 1991
- Headquarters
- LOWELL, MA
- FDIC Certificate
- 90228
- Total assets at closing
- $386,363,000
- Total deposits at closing
- $318,149,000
- Estimated loss to DIF
- $122,009,000
- Resolution type
- other
- Acquirer
- THE FAMILY MUTUAL SAVINGS B (FDIC Cert #4393)
Context
On August 30, 1991, regulators closed LOWELL INSTITUTION FOR SAVINGS, headquartered in LOWELL, MA. At closing, the institution held approximately $386,363,000 in assets and $318,149,000 in deposits. The FDIC arranged a resolution under which THE FAMILY MUTUAL SAVINGS B acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $122,009,000.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1991
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1991-12-20 | NORTH RIDGE BANK | OAKLAND PARK, FL | $94,332,000 |
| 1991-12-13 | INVESTORS FSB | RICHMOND, VA | $2,057,643,000 |
| 1991-12-13 | THE BANK MART | BRIDGEPORT, CT | $578,220,000 |
| 1991-12-13 | MERCHANTS NATIONAL BANK | LEOMINSTER, MA | $153,615,000 |
| 1991-12-13 | BANK OF EAST HARTFORD | EAST HARTFORD, CT | $36,581,000 |
| 1991-12-13 | FEDERAL FINANCE & MORTGAGE, LTD | HONOLULU, HI | $7,732,000 |
| 1991-12-12 | GRANITE CO-OPERATIVE BANK | QUINCY, MA | $103,814,000 |
| 1991-12-06 | SAYBROOK BANK AND TRUST COMPANY | OLD SAYBROOK, CT | $77,287,000 |
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