SHORE BANK & TRUST CO. Failed 1992
What happened
SHORE BANK & TRUST CO. of LYNN, MA was closed on 1992-04-24. The FDIC was named receiver.
Resolution: Payout / Insured deposits — FDIC paid insured deposits directly to depositors
Deposits were transferred to EASTERN BANK (LYNN, MA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3313
- FDIC Certificate
- 27002
- FDIC FIN
- 4478
- Bank name
- SHORE BANK & TRUST CO.
- Location
- LYNN, MA
- Failure date
- 1992-04-24
- FDIC resolution date
- 1992-04-24
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Payout / Insured deposits — FDIC paid insured deposits directly to depositors
- FDIC DIF cost (est.)
- $71M
- Deposits at failure
- $184M
- Assets at failure
- $183M
- Acquiring bank
- EASTERN BANK (LYNN, MA)
Other banks EASTERN BANK acquired in FDIC resolutions