BANK FIVE FOR SAVINGS Failed 1991
What happened
BANK FIVE FOR SAVINGS of ARLINGTON, MA was closed on 1991-09-20. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to CAMBRIDGE SAVINGS BANK (CAMBRIDGE, MA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3191
- FDIC Certificate
- 24502
- FDIC FIN
- 4398
- Bank name
- BANK FIVE FOR SAVINGS
- Location
- ARLINGTON, MA
- Failure date
- 1991-09-20
- FDIC resolution date
- 1991-09-20
- Charter type
- SI
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $97M
- Deposits at failure
- $403M
- Assets at failure
- $387M
- Acquiring bank
- CAMBRIDGE SAVINGS BANK (CAMBRIDGE, MA)