NEW ENGLAND FSA Failed 1992
What happened
NEW ENGLAND FSA of WELLESLEY, MA was closed on 1992-07-17. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to CAMBRIDGEPORT BANK (CAMBRIDGE, MA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3360
- FDIC Certificate
- 32444
- FDIC FIN
- 1247
- Bank name
- NEW ENGLAND FSA
- Location
- WELLESLEY, MA
- Failure date
- 1992-07-17
- FDIC resolution date
- 1994-03-04
- Charter type
- Savings bank
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $26M
- Deposits at failure
- $118M
- Assets at failure
- $137M
- Acquiring bank
- CAMBRIDGEPORT BANK (CAMBRIDGE, MA)