FIRST SERVICE BANK FOR SAVINGS Failed 1989

What happened

FIRST SERVICE BANK FOR SAVINGS of LEOMINSTER, MA was closed on 1989-03-31. The FDIC was named receiver.

Resolution: Insured Deposit Transfer — insured deposits transferred to another bank

Deposits were transferred to PEOPLES SAVINGS BANK (WORCESTER, MA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2307

FDIC Certificate

21973

FDIC FIN

5963

Bank name

FIRST SERVICE BANK FOR SAVINGS

Location

LEOMINSTER, MA

Failure date

1989-03-31

FDIC resolution date

1989-03-31

Charter type

SI

Resolution type

Insured Deposit Transfer — insured deposits transferred to another bank

FDIC DIF cost (est.)

$288M

Deposits at failure

$683M

Assets at failure

$881M

Acquiring bank

PEOPLES SAVINGS BANK (WORCESTER, MA)

Other banks PEOPLES SAVINGS BANK acquired in FDIC resolutions

• MILFORD SAVINGS BANK (MILFORD, MA) — failed 1990-07-06
• PEOPLES STATE BANK (ODEBOLT, IA) — failed 1985-04-26