LOWELL INSTITUTION FOR SAVINGS Failed 1991
What happened
LOWELL INSTITUTION FOR SAVINGS of LOWELL, MA was closed on 1991-08-30. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to THE FAMILY MUTUAL SAVINGS B (HAVERHILL, MA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3178
- FDIC Certificate
- 90228
- FDIC FIN
- 4393
- Bank name
- LOWELL INSTITUTION FOR SAVINGS
- Location
- LOWELL, MA
- Failure date
- 1991-08-30
- FDIC resolution date
- 1991-08-30
- Charter type
- SI
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $122M
- Deposits at failure
- $318M
- Assets at failure
- $386M
- Acquiring bank
- THE FAMILY MUTUAL SAVINGS B (HAVERHILL, 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.