BEACON CO-OPERATIVE BANK Failed 1991
What happened
BEACON CO-OPERATIVE BANK of BOSTON, MA was closed on 1991-06-21. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to GROVE BANK (BOSTON, MA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3131
- FDIC Certificate
- 26659
- FDIC FIN
- 4370
- Bank name
- BEACON CO-OPERATIVE BANK
- Location
- BOSTON, MA
- Failure date
- 1991-06-21
- FDIC resolution date
- 1991-06-21
- Charter type
- SI
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $3M
- Deposits at failure
- $31M
- Assets at failure
- $32M
- Acquiring bank
- GROVE BANK (BOSTON, MA)
- FDIC comments
- The FDIC did not cover uninsured depositors. However, the Co-operative Central Bank, a corporation set up to provide deposit insurance to institutions in Massachusetts, covered the uninsured depositors.