Bank Failure
The Blackstone Bank and Trust Co
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Closed March 15, 1991 · Boston, MA · FDIC Cert #27003.
- Closing date
- March 15, 1991
- Headquarters
- Boston, MA
- FDIC Certificate
- 27003
- Total assets at closing
- $49.3M
- Total deposits at closing
- $48.4M
- Estimated loss to the insurance fund
- $15.2M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Baybank Boston, N.A.
Context
On March 15, 1991, regulators closed The Blackstone Bank and Trust Co, headquartered in Boston, MA. At closing, the institution held approximately $49.3M in assets and $48.4M in deposits. The FDIC record names Baybank Boston, N.A. as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $15.2M.
By assets at closing this is the 1670th largest of the 3,526 bank failures in the FDIC record, and the 172nd 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 The Blackstone Bank and Trust Co fail?
The Blackstone Bank and Trust Co was closed by regulators on March 15, 1991.
Who acquired The Blackstone Bank and Trust Co?
The FDIC record names Baybank Boston, N.A. as the acquiring institution in the resolution of The Blackstone Bank and Trust Co.
How big was The Blackstone Bank and Trust Co when it failed?
The Blackstone Bank and Trust Co had approximately $49.3M in total assets and $48.4M 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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