Bank Failure
Yankee Bank for Finance & Saving
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Closed October 16, 1987 · Boston, MA · FDIC Cert #17888.
- Closing date
- October 16, 1987
- Headquarters
- Boston, MA
- FDIC Certificate
- 17888
- Total assets at closing
- $525.5M
- Total deposits at closing
- $488.3M
- Estimated loss to the insurance fund
- $63.6M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Boston Five Cents SB FSB
Context
On October 16, 1987, regulators closed Yankee Bank for Finance & Saving, headquartered in Boston, MA. At closing, the institution held approximately $525.5M in assets and $488.3M in deposits. The FDIC record names Boston Five Cents SB FSB as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $63.6M.
By assets at closing this is the 361st largest of the 3,526 bank failures in the FDIC record, and the 5th of 217 in 1987. 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 Yankee Bank for Finance & Saving fail?
Yankee Bank for Finance & Saving was closed by regulators on October 16, 1987.
Who acquired Yankee Bank for Finance & Saving?
The FDIC record names Boston Five Cents SB FSB as the acquiring institution in the resolution of Yankee Bank for Finance & Saving.
How big was Yankee Bank for Finance & Saving when it failed?
Yankee Bank for Finance & Saving had approximately $525.5M in total assets and $488.3M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
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