Data / Bank failures / 1990 / First American Bank for Savings
First American Bank for Savings, Boston, MA: failed October 19, 1990
First American Bank for Savings in Boston, Massachusetts, failed on October 19, 1990. The Boston Five Cents Savin of Boston, MA, took over its deposits. It held $526.2 million in assets and $489.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $138 million (26.2% of its assets). By assets it was the 45th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- October 19, 1990
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- The Boston Five Cents Savin, Boston, MA
- Total assets
- $526,176,000
- Total deposits
- $489,285,000
- Estimated cost to the FDIC
- $138,007,793 (estimate as of July 31, 2026)
- Charter
- Savings institution
- Insurance fund
- BIF
- FDIC certificate
- 22064
Other bank failures in Massachusetts, 1988 to 1992
| 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 1990 · 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.