WOBURN FIVE CENTS SAVINGS BANK Failed 1991
What happened
WOBURN FIVE CENTS SAVINGS BANK of WOBURN, MA was closed on 1991-06-07. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to STERLING BANK (WALTHAM, MA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3124
- FDIC Certificate
- 90310
- FDIC FIN
- 4365
- Bank name
- WOBURN FIVE CENTS SAVINGS BANK
- Location
- WOBURN, MA
- Failure date
- 1991-06-07
- FDIC resolution date
- 1991-06-07
- Charter type
- SI
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $36M
- Deposits at failure
- $240M
- Assets at failure
- $247M
- Acquiring bank
- STERLING BANK (WALTHAM, MA)
Other banks STERLING BANK acquired in FDIC resolutions