MIDCOUNTY BANK AND TRUST COMPANY Failed 1991

NORWOOD, MA · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

MIDCOUNTY BANK AND TRUST COMPANY of NORWOOD, MA was closed on 1991-09-27. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to DEDHAM INSTITUTION FOR SAVI (DEDHAM, MA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
3193
FDIC Certificate
26843
FDIC FIN
4402
Bank name
MIDCOUNTY BANK AND TRUST COMPANY
Location
NORWOOD, MA
Failure date
1991-09-27
FDIC resolution date
1991-09-27
Charter type
State commercial bank, non-Federal Reserve member (FDIC-supervised)
Resolution type
Purchase & Assumption — acquiring bank assumed deposits + bought assets
FDIC DIF cost (est.)
$12M
Deposits at failure
$58M
Assets at failure
$62M
Acquiring bank
DEDHAM INSTITUTION FOR SAVI (DEDHAM, 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.