Data / Bank failures / 1982 / Freedom FS&LA
Freedom FS&LA, Worcester, MA: received FDIC assistance October 12, 1982
Freedom FS&LA in Worcester, Massachusetts, received open bank assistance from the FDIC on October 12, 1982. It held $790.7 million in assets and $645 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $9.8 million (1.2% of its assets). By assets it was the 15th largest of 119 banks closed or assisted in 1982.
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The FDIC's record
- Closed
- October 12, 1982
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Northeast Savings FA, Hartford, CT
- Total assets
- $790,665,804
- Total deposits
- $645,028,570
- Estimated cost to the FDIC
- $9,789,483 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 28203
Other bank failures in Massachusetts, 1980 to 1984
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First FS&LA (assistance) | Boston | October 12, 1982 | $236 million | $177.7 million | $3 million | Northeast Savings FA |
| Unity BK & TR Company | Boston | July 30, 1982 | $12.8 million | $11.5 million | $2.8 million | Boston Bank of Commerce |
| Mohawk BK & TR Co. | Greenfield | February 16, 1980 | $5.9 million | $5.4 million | $221,423 | Baybank 1ST Easthampton |
Other failed banks Northeast Savings FA took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First FS&LA (assistance) | Boston | MA | October 12, 1982 | $236 million | $177.7 million | $3 million | Northeast Savings FA |
All bank failures in 1982 · All bank failures in Massachusetts · Every failed bank Northeast Savings FA 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.