Bank Failure
New England Allbank for Savings
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Closed December 12, 1990 · Gardner, MA · FDIC Cert #90201.
- Closing date
- December 12, 1990
- Headquarters
- Gardner, MA
- FDIC Certificate
- 90201
- Total assets at closing
- $173.3M
- Total deposits at closing
- $172.3M
- Estimated loss to the insurance fund
- $68.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Worcester County Institutio
Context
On December 12, 1990, regulators closed New England Allbank for Savings, headquartered in Gardner, MA. At closing, the institution held approximately $173.3M in assets and $172.3M in deposits. The FDIC record names Worcester County Institutio as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $68.0M.
By assets at closing this is the 852nd largest of the 3,526 bank failures in the FDIC record, and the 105th of 381 in 1990. 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 New England Allbank for Savings fail?
New England Allbank for Savings was closed by regulators on December 12, 1990.
Who acquired New England Allbank for Savings?
The FDIC record names Worcester County Institutio as the acquiring institution in the resolution of New England Allbank for Savings.
How big was New England Allbank for Savings when it failed?
New England Allbank for Savings had approximately $173.3M in total assets and $172.3M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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