# WOBURN FIVE CENTS SAVINGS BANK

> **Failed bank** · WOBURN, MA · failed 1991-06-07 · SI · FDIC cost $36M

## What happened

WOBURN FIVE CENTS SAVINGS BANK of WOBURN, MA was closed by state regulators 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
- **Estimated FDIC DIF cost:** $36M
- **Deposits at failure:** $240M
- **Assets at failure:** $247M
- **Acquiring bank:** STERLING BANK (WALTHAM, MA)

## Other banks STERLING BANK has acquired in FDIC resolutions

- UNIVERSITY BANK, NATIONAL ASSOCIATION (NEWTON, MA) — failed 1991-05-31 — /failed-bank/3114
- FIRST CITY BANK (GLENDALE, CA) — failed 1985-12-20 — /failed-bank/1124

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, WOBURN FIVE CENTS SAVINGS BANK (FDIC ID 3124), failed 1991-06-07. Retrieved via AI Analytics 2026-05-17 from https://api.ai-analytics.org/failed-bank/3124.

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