BANKEAST Failed 1991

What happened

BANKEAST of MANCHESTER, NH was closed on 1991-10-10. The FDIC was named receiver.

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

Deposits were transferred to FIRST NH BANK (CONCORD, NH). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3206

FDIC Certificate

15952

FDIC FIN

4409

Bank name

BANKEAST

Location

MANCHESTER, NH

Failure date

1991-10-10

FDIC resolution date

1991-10-10

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.)

$64M

Deposits at failure

$632M

Assets at failure

$817M

Acquiring bank

FIRST NH BANK (CONCORD, NH)

Other banks FIRST NH BANK acquired in FDIC resolutions

• BANK MERIDIAN, NATIONAL ASSOCIATION (HAMPTON, NH) — failed 1991-10-10
• AMOSKEAG BANK (MANCHESTER, NH) — failed 1991-10-10
• NASHUA TRUST COMPANY (NASHUA, NH) — failed 1991-10-10
• CITY BANK AND TRUST (CLAREMONT, NH) — failed 1991-03-29