Data / Bank failures / 1991 / Bank of New England, National Assoc
Bank of New England, National Assoc, Boston, MA: failed January 6, 1991
Bank of New England, National Assoc in Boston, Massachusetts, failed on January 6, 1991. New Bank of New England, NA of Boston, MA, took over its deposits. It held $13.43 billion in assets and $9.41 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $572.6 million (4.3% of its assets). By assets it was the largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- January 6, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- New Bank of New England, NA, Boston, MA
- Total assets
- $13,428,614,000
- Total deposits
- $9,406,853,000
- Estimated cost to the FDIC
- $572,580,771 (estimate as of July 31, 2026)
- Charter
- National bank (supervised by the OCC)
- Insurance fund
- BIF
- FDIC certificate
- 2560
Other bank failures in Massachusetts, 1989 to 1993
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Heritage Bank for Savings | Holyoke | December 4, 1992 | $1.29 billion | $1.00 billion | $24 million | Fleet Bank of Ma NA |
| Guaranty-First Trust Company | Waltham | November 13, 1992 | $353.2 million | $348.9 million | $60.2 million | Fleet Bank of Ma NA |
| Plymouth Five Cents Savings Bank | Plymouth | September 18, 1992 | $221 million | $182.9 million | $5.3 million | Citizens Bank of Ma |
| Attleboro Pawtucket SB | Pawtucket | August 21, 1992 | $632.5 million | $567.7 million | $28.1 million | New Bedford Inst for SVG |
| Winchendon Savings Bank | Winchendon | August 14, 1992 | $65.2 million | $64 million | $7.3 million | Athol Savings Bank |
| Massachusetts Bank & Trust Co. | Brockton | July 31, 1992 | $61.8 million | $59.4 million | $13.4 million | Haymarket Coop Bank |
| New England Fsa | Wellesley | July 17, 1992 | $137.3 million | $118.1 million | $25.9 million | Cambridgeport Bank |
| Olympic International Bank & Trust | Boston | June 26, 1992 | $140.3 million | $142.3 million | $69.2 million | Haymarket Coop Bank |
All bank failures in 1991 · All bank failures in Massachusetts · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.