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Failures by State

Bank Failures in Massachusetts

56 FDIC-insured banks headquartered in Massachusetts have failed since 1937. The most recent was Butler Bank on April 16, 2010. The worst year was 1992, with 17 failures. Failed banks held $33.10B in assets at closing.

56
Failures
1937 to 2010
$33.10B
Failed assets
At closing
$4.34B
Estimated DIF loss
FDIC estimate
→
All Massachusetts events
Mergers and enforcement too

Largest bank failures in Massachusetts

Date Bank City Assets Acquirer or resolution
Jan 6, 1991 Bank of New England, National Assoc Boston $13.43B New Bank of New England, N.A.
Apr 27, 1990 Home Owners Savings Bank Burlington $3.49B Branch sale
Dec 14, 1990 Comfed Savings Bank Lowell $1.40B Branch sale
Dec 4, 1992 Heritage Bank for Savings Holyoke $1.29B Fleet Bank of Ma N.A.
Jun 28, 1991 First Mutual Bank for Savings Boston $1.13B First National Bank of Bost
Mar 31, 1989 First Service Bank for Savings Leominster $880.7M Peoples Savings Bank
Sep 21, 1990 Sentry Federal Savings Bank Hyannis $735.5M New Bedford Institution for
Aug 21, 1992 Attleboro Pawtucket SB Pawtucket $632.5M New Bedford Inst for SVG
Oct 19, 1990 First American Bank for Savings Boston $526.2M The Boston Five Cents Savin
Oct 16, 1987 Yankee Bank for Finance & Saving Boston $525.5M Boston Five Cents SB FSB

Massachusetts bank failures by year

Year Failures Failed assets
2010 1 $245.5M
1994 2 $252.9M
1992 17 $5.17B
1991 15 $17.18B
1990 11 $8.71B
1989 1 $880.7M
1987 2 $586.2M
1982 1 $12.8M
1980 1 $5.9M
1976 1 $6.7M
1975 1 $11.4M
1972 1 $22.1M
1938 1 —
1937 1 —

Every bank failure in Massachusetts

Date Bank City Assets Acquirer or resolution
Apr 16, 2010 Butler Bank Lowell $245.5M People's United Bank
Oct 21, 1994 Ludlow Savings Bank Ludlow $222.7M Albany Savings Bank FSB
May 6, 1994 Commercial Bank and Trust Company Lowell $30.3M Medford Savings Bank
Dec 4, 1992 Heritage Bank for Savings Holyoke $1.29B Fleet Bank of Ma N.A.
Nov 13, 1992 Guaranty-First Trust Company Waltham $353.2M Fleet Bank of Ma N.A.
Sep 18, 1992 Plymouth Five Cents Savings Bank Plymouth $221.0M Citizens Bank of MA
Aug 21, 1992 Attleboro Pawtucket SB Pawtucket $632.5M New Bedford Inst for SVG
Aug 14, 1992 Winchendon Savings Bank Winchendon $65.2M Athol Savings Bank
Jul 31, 1992 Massachusetts Bank & Trust Co. Brockton $61.8M Haymarket Coop Bank
Jul 17, 1992 New England FSA Wellesley $137.3M Cambridgeport Bank
Jun 26, 1992 Olympic International Bank & Trust Boston $140.3M Haymarket Coop Bank
Jun 12, 1992 Landmark Bank for Savings Whitman $62.1M Abington Savings Bank
May 29, 1992 Workingmen's Co-Operative Bank Boston $223.7M First NB of Boston
May 15, 1992 Malden Trust Company Malden $225.2M Eastern Bank
Apr 24, 1992 SouthState Bank for Savings Brockton $285.9M Baybank
Apr 24, 1992 Shore Bank & Trust Co. Lynn $183.2M Eastern Bank
Mar 27, 1992 Vanguard Savings Bank Holyoke $427.9M Fleet Bank of Ma N.A.
Mar 20, 1992 The Bank for Savings Malden $398.0M Medford Savings Bank
Mar 6, 1992 New Heritage Bank Lawrence $99.8M First NB of Boston
Feb 14, 1992 The Central Savings Bank Lowell $369.1M Massbank for Savings
Dec 13, 1991 Merchants National Bank Leominster $153.6M Worcester County Institutio
Dec 12, 1991 Granite Co-Operative Bank Quincy $103.8M South Boston Savings Bank
Oct 25, 1991 Coolidge Bank and Trust Company Boston $321.2M Pioneer Financial, a Cooper
Sep 27, 1991 Plymouth FSA Plymouth $174.7M Branch sale
Sep 27, 1991 Midcounty Bank and Trust Company Norwood $62.1M Dedham Institution for Savi
Sep 20, 1991 Bank Five for Savings Arlington $386.6M Cambridge Savings Bank
Aug 30, 1991 Lowell Institution for Savings Lowell $386.4M The Family Mutual Savings B
Jun 28, 1991 First Mutual Bank for Savings Boston $1.13B First National Bank of Bost
Jun 21, 1991 Beacon Co-Operative Bank Boston $31.8M Grove Bank
Jun 7, 1991 Woburn Five Cents Savings Bank Woburn $247.2M Sterling Bank
May 31, 1991 University Bank, N.A. Newton $318.8M Sterling Bank
May 3, 1991 Boston Trade Bank Boston $307.0M The First National Bank of
Mar 15, 1991 The Blackstone Bank and Trust Co Boston $49.3M Baybank Boston, N.A.
Mar 14, 1991 Coolidge Corner Co-Operative Bank Brookline $83.7M Brookline Savings Bank
Jan 6, 1991 Bank of New England, National Assoc Boston $13.43B New Bank of New England, N.A.
Dec 28, 1990 Capitol Bank and Trust Company Boston $485.6M —
Dec 14, 1990 Comfed Savings Bank Lowell $1.40B Branch sale
Dec 12, 1990 New England Allbank for Savings Gardner $173.3M Worcester County Institutio
Oct 19, 1990 First American Bank for Savings Boston $526.2M The Boston Five Cents Savin
Sep 21, 1990 Sentry Federal Savings Bank Hyannis $735.5M New Bedford Institution for
Jul 6, 1990 Milford Savings Bank Milford $328.1M Peoples Savings Bank
Jun 29, 1990 Eliot Savings Bank Boston $479.5M South Boston Savings Bank
Jun 8, 1990 Home Federal Worcester $235.8M Branch sale
Jun 1, 1990 The Home National Bank of Milford Milford $461.7M Baybank Middlesex
May 18, 1990 Merchantsbank of Boston, a Co-Op Boston $392.2M The First National Bank of
Apr 27, 1990 Home Owners Savings Bank Burlington $3.49B Branch sale
Mar 31, 1989 First Service Bank for Savings Leominster $880.7M Peoples Savings Bank
Oct 16, 1987 Yankee Bank for Finance & Saving Boston $525.5M Boston Five Cents SB FSB
Jan 23, 1987 The First National Bank of Marlborough Marlborough $60.7M Worcester CNTY Inst for
Jul 30, 1982 Unity BK & TR Company Boston $12.8M Boston Bank of Commerce

Source: FDIC failed-bank list. Counts are real closures by headquarters state; FDIC open-bank assistance transactions are not failures and are excluded. Assets and deposits are as reported at closing.

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