Data / Bank failures / 1989 / First Service Bank for Savings
First Service Bank for Savings, Leominster, MA: failed March 31, 1989
First Service Bank for Savings in Leominster, Massachusetts, failed on March 31, 1989. Peoples Savings Bank of Worcester, MA, took over its deposits. It held $880.7 million in assets and $683.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $288.2 million (32.7% of its assets). By assets it was the 34th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 31, 1989
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Peoples Savings Bank, Worcester, MA
- Total assets
- $880,658,000
- Total deposits
- $683,356,000
- Estimated cost to the FDIC
- $288,209,804 (estimate as of July 31, 2026)
- Charter
- Savings institution
- Insurance fund
- FDIC
- FDIC certificate
- 21973
Other bank failures in Massachusetts, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Merchants National Bank | Leominster | December 13, 1991 | $153.6 million | $147.4 million | $29.4 million | Worcester County Institutio |
| Granite Co-Operative Bank | Quincy | December 12, 1991 | $103.8 million | $84.3 million | $14 million | South Boston Savings Bank |
| Coolidge Bank and Trust Company | Boston | October 25, 1991 | $321.2 million | $315 million | $85.7 million | Pioneer Financial, A Cooper |
| Plymouth Fsa | Plymouth | September 27, 1991 | $174.7 million | $137.8 million | $20.1 million | |
| Midcounty Bank and Trust Company | Norwood | September 27, 1991 | $62.1 million | $58.2 million | $12.4 million | Dedham Institution for Savi |
| Bank Five for Savings | Arlington | September 20, 1991 | $386.6 million | $402.7 million | $96.6 million | Cambridge Savings Bank |
| Lowell Institution for Savings | Lowell | August 30, 1991 | $386.4 million | $318.1 million | $122 million | The Family Mutual Savings B |
| First Mutual Bank for Savings | Boston | June 28, 1991 | $1.13 billion | $1.08 billion | $169.9 million | First National Bank of Bost |
Other failed banks Peoples Savings Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Milford Savings Bank | Milford | MA | July 6, 1990 | $328.1 million | $297.8 million | $135.2 million | Peoples Savings Bank |
| Peoples State Bank | Odebolt | IA | April 26, 1985 | $13.5 million | $12.7 million | $2.3 million | Peoples Savings Bank |
All bank failures in 1989 · All bank failures in Massachusetts · Every failed bank Peoples Savings Bank took over · 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.