Bank Failure
Woburn Five Cents Savings Bank
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Closed June 7, 1991 · Woburn, MA · FDIC Cert #90310.
- Closing date
- June 7, 1991
- Headquarters
- Woburn, MA
- FDIC Certificate
- 90310
- Total assets at closing
- $247.2M
- Total deposits at closing
- $240.0M
- Estimated loss to the insurance fund
- $35.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Sterling Bank
Context
On June 7, 1991, regulators closed Woburn Five Cents Savings Bank, headquartered in Woburn, MA. At closing, the institution held approximately $247.2M in assets and $240.0M in deposits. The FDIC record names Sterling Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $35.9M.
By assets at closing this is the 650th largest of the 3,526 bank failures in the FDIC record, and the 81st 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 Woburn Five Cents Savings Bank fail?
Woburn Five Cents Savings Bank was closed by regulators on June 7, 1991.
Who acquired Woburn Five Cents Savings Bank?
The FDIC record names Sterling Bank as the acquiring institution in the resolution of Woburn Five Cents Savings Bank.
How big was Woburn Five Cents Savings Bank when it failed?
Woburn Five Cents Savings Bank had approximately $247.2M in total assets and $240.0M 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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