Data / Bank failures / 1990 / Milford Savings Bank
Milford Savings Bank, Milford, MA: failed July 6, 1990
Milford Savings Bank in Milford, Massachusetts, failed on July 6, 1990. Peoples Savings Bank of Worcester, MA, took over its deposits. It held $328.1 million in assets and $297.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $135.2 million (41.2% of its assets). By assets it was the 69th largest of 382 banks closed or assisted in 1990.
SpecStream is the live web data engine for teams and agents. It reads the FDIC failed bank data every morning, and this page is that reading. Ask for the banks you follow and each new closure arrives in your sheet, CRM, Slack or agent as the FDIC announces it.
The FDIC's record
- Closed
- July 6, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Peoples Savings Bank, Worcester, MA
- Total assets
- $328,062,000
- Total deposits
- $297,787,000
- Estimated cost to the FDIC
- $135,231,595 (estimate as of July 31, 2026)
- Charter
- Savings institution
- Insurance fund
- BIF
- FDIC certificate
- 90242
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 Peoples Savings Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First Service Bank for Savings | Leominster | MA | March 31, 1989 | $880.7 million | $683.4 million | $288.2 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 1990 · 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 2026-10-24. 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.