Bank Failure
Maine Savings Bank
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Closed February 1, 1991 · Portland, ME · FDIC Cert #17721.
- Closing date
- February 1, 1991
- Headquarters
- Portland, ME
- FDIC Certificate
- 17721
- Total assets at closing
- $1.18B
- Total deposits at closing
- $1.19B
- Estimated loss to the insurance fund
- $184.2M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fleet Bank of Maine
Context
On February 1, 1991, regulators closed Maine Savings Bank, headquartered in Portland, ME. At closing, the institution held approximately $1.18B in assets and $1.19B in deposits. The FDIC record names Fleet Bank of Maine as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $184.2M.
By assets at closing this is the 184th largest of the 3,526 bank failures in the FDIC record, and the 23rd 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 Maine Savings Bank fail?
Maine Savings Bank was closed by regulators on February 1, 1991.
Who acquired Maine Savings Bank?
The FDIC record names Fleet Bank of Maine as the acquiring institution in the resolution of Maine Savings Bank.
How big was Maine Savings Bank when it failed?
Maine Savings Bank had approximately $1.18B in total assets and $1.19B 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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