Data / Bank failures / 1990 / Merchantsbank of Boston, A Co-Op

Merchantsbank of Boston, A Co-Op, Boston, MA: failed May 18, 1990

Name: Merchantsbank of Boston, A Co-Op bank failure (FDIC record)
Creator: SpecStream
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Merchantsbank of Boston, A Co-Op in Boston, Massachusetts, failed on May 18, 1990. The First National Bank of of Boston, MA, took over its deposits. It held $392.2 million in assets and $391 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $95.6 million (24.4% of its assets). By assets it was the 60th largest of 382 banks closed or assisted in 1990.

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The FDIC's record

Closed: May 18, 1990
Type: Failure
How it was resolved: Insured deposit transfer: the insured deposits moved to another bank
Acquirer: The First National Bank of, Boston, MA
Total assets: $392,219,000
Total deposits: $390,997,000
Estimated cost to the FDIC: $95,568,291 (estimate as of July 31, 2026)
Charter: Savings institution
Insurance fund: BIF
FDIC certificate: 26862

The FDIC record

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

Other failed banks The First National Bank of took over

Bank	City	State	Closed	Assets	Deposits	Estimated cost	Acquirer
The Washington Bank (of Maryland)	Baltimore	MD	May 10, 1991	$39 million	$39 million	$968,346	The First National Bank of
Boston Trade Bank	Boston	MA	May 3, 1991	$307 million	$301.5 million	$127.3 million	The First National Bank of
The State Bank of Omaha	Omaha	TX	December 14, 1990	$20.5 million	$20.6 million	$5.3 million	The First National Bank of
United Peoples Bank	Lampasas	TX	October 11, 1990	$32.7 million	$32.8 million	$6.5 million	The First National Bank of
Alvord National Bank	Alvord	TX	March 29, 1990	$7.6 million	$7.7 million	$495,560	The First National Bank of
Liberty City State Bank	Liberty City	TX	March 15, 1990	$15.2 million	$15 million	$1.5 million	The First National Bank of
Farmers State Bank of Shiro, Texas	Shiro	TX	January 25, 1990	$4.6 million	$4.4 million	$2.1 million	The First National Bank of
First Security Bank of Glendive	Glendive	MT	December 1, 1989	$32.4 million	$31.9 million	$387,903	The First National Bank of

All bank failures in 1990 · All bank failures in Massachusetts · Every failed bank The First National Bank of 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.