# GRANITE CO-OPERATIVE BANK

> **Failed bank** · QUINCY, MA · failed 1991-12-12 · SI · FDIC cost $14M

## What happened

GRANITE CO-OPERATIVE BANK of QUINCY, MA was closed by state regulators on **1991-12-12**. The FDIC was named receiver.

**Resolution:** Insured Deposit Transfer — insured deposits transferred to another bank

Deposits were transferred to **SOUTH BOSTON SAVINGS BANK** (BOSTON, MA). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 3245
- **FDIC Certificate:** 26585
- **FDIC FIN:** 4430
- **Bank name:** GRANITE CO-OPERATIVE BANK
- **Location:** QUINCY, MA
- **Failure date:** 1991-12-12
- **FDIC resolution date:** 1991-12-12
- **Charter type:** SI
- **Resolution type:** Insured Deposit Transfer — insured deposits transferred to another bank
- **Estimated FDIC DIF cost:** $14M
- **Deposits at failure:** $84M
- **Assets at failure:** $104M
- **Acquiring bank:** SOUTH BOSTON SAVINGS BANK (BOSTON, MA)

## Other banks SOUTH BOSTON SAVINGS BANK has acquired in FDIC resolutions

- ELIOT SAVINGS BANK (BOSTON, MA) — failed 1990-06-29 — /failed-bank/2831

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, GRANITE CO-OPERATIVE BANK (FDIC ID 3245), failed 1991-12-12. Retrieved via AI Analytics 2026-05-19 from https://api.ai-analytics.org/failed-bank/3245.

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