Bank Failure
Ludlow Savings Bank
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Closed October 21, 1994 · Ludlow, MA · FDIC Cert #90230.
- Closing date
- October 21, 1994
- Headquarters
- Ludlow, MA
- FDIC Certificate
- 90230
- Total assets at closing
- $222.7M
- Total deposits at closing
- $229.1M
- Estimated loss to the insurance fund
- $2.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Albany Savings Bank FSB
Context
On October 21, 1994, regulators closed Ludlow Savings Bank, headquartered in Ludlow, MA. At closing, the institution held approximately $222.7M in assets and $229.1M in deposits. The FDIC record names Albany Savings Bank FSB as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.9M.
By assets at closing this is the 708th largest of the 3,526 bank failures in the FDIC record, and the 2nd of 15 in 1994. 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 Ludlow Savings Bank fail?
Ludlow Savings Bank was closed by regulators on October 21, 1994.
Who acquired Ludlow Savings Bank?
The FDIC record names Albany Savings Bank FSB as the acquiring institution in the resolution of Ludlow Savings Bank.
How big was Ludlow Savings Bank when it failed?
Ludlow Savings Bank had approximately $222.7M in total assets and $229.1M in deposits at the time of failure.
Other failures in 1994
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1994 | Cornerstone Bank FSB | $44.3M |
| Aug 26, 1994 | Capital Bank | $76.9M |
| Aug 12, 1994 | Bank of Newport | $167.8M |
| Jul 29, 1994 | Commerce Bank | $142.3M |
| Jul 29, 1994 | Western Community Bank | $54.0M |
| Jul 15, 1994 | Bank of San Pedro | $132.6M |
| Jul 8, 1994 | Pioneer Bank | $133.2M |
| Jul 7, 1994 | The Meriden Trust and Safe Deposit | $3.2M |
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