COMMERCIAL BANK AND TRUST COMPANY Failed 1994
What happened
COMMERCIAL BANK AND TRUST COMPANY of LOWELL, MA was closed on 1994-05-06. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to MEDFORD SAVINGS BANK (MEDFORD, MA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3485
- FDIC Certificate
- 18332
- FDIC FIN
- 4608
- Bank name
- COMMERCIAL BANK AND TRUST COMPANY
- Location
- LOWELL, MA
- Failure date
- 1994-05-06
- FDIC resolution date
- 1994-05-06
- 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.)
- $4M
- Deposits at failure
- $30M
- Assets at failure
- $30M
- Acquiring bank
- MEDFORD SAVINGS BANK (MEDFORD, MA)
Other banks MEDFORD SAVINGS BANK acquired in FDIC resolutions