# MILFORD SAVINGS BANK

> **Failed bank** · MILFORD, MA · failed 1990-07-06 · SI · FDIC cost $135M

## What happened

MILFORD SAVINGS BANK of MILFORD, MA was closed by state regulators on **1990-07-06**. The FDIC was named receiver.

**Resolution:** Purchase & Assumption — acquiring bank assumed deposits + bought assets

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


## Key facts

- **FDIC ID:** 2841
- **FDIC Certificate:** 90242
- **FDIC FIN:** 4245
- **Bank name:** MILFORD SAVINGS BANK
- **Location:** MILFORD, MA
- **Failure date:** 1990-07-06
- **FDIC resolution date:** 1990-07-06
- **Charter type:** SI
- **Resolution type:** Purchase & Assumption — acquiring bank assumed deposits + bought assets
- **Estimated FDIC DIF cost:** $135M
- **Deposits at failure:** $298M
- **Assets at failure:** $328M
- **Acquiring bank:** PEOPLES SAVINGS BANK (WORCESTER, MA)

## Other banks PEOPLES SAVINGS BANK has acquired in FDIC resolutions

- FIRST SERVICE BANK FOR SAVINGS (LEOMINSTER, MA) — failed 1989-03-31 — /failed-bank/2307
- PEOPLES STATE BANK (ODEBOLT, IA) — failed 1985-04-26 — /failed-bank/981

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=MILFORD%20SAVINGS%20BANK

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, MILFORD SAVINGS BANK (FDIC ID 2841), failed 1990-07-06. Retrieved via AI Analytics 2026-05-19 from https://api.ai-analytics.org/failed-bank/2841.

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