# BEACON CO-OPERATIVE BANK

> **Failed bank** · BOSTON, MA · failed 1991-06-21 · SI · FDIC cost $3M

## What happened

BEACON CO-OPERATIVE BANK of BOSTON, MA was closed by state regulators 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
- **Estimated FDIC DIF cost:** $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.

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, BEACON CO-OPERATIVE BANK (FDIC ID 3131), failed 1991-06-21. Retrieved via AI Analytics 2026-05-16 from https://api.ai-analytics.org/failed-bank/3131.

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