Data / Bank failures / 1993 / New England Savings Bank
New England Savings Bank, New London, CT: failed May 21, 1993
New England Savings Bank in New London, Connecticut, failed on May 21, 1993. Citizens Savings Bank of Providence, RI, took over its deposits. It held $914.9 million in assets and $720.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $117 million (12.8% of its assets). By assets it was the 3rd largest of 50 banks closed or assisted in 1993.
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The FDIC's record
- Closed
- May 21, 1993
- Type
- Failure
- How it was resolved
- Purchase and assumption of the insured deposits only
- Acquirer
- Citizens Savings Bank, Providence, RI
- Total assets
- $914,884,000
- Total deposits
- $720,512,000
- Estimated cost to the FDIC
- $116,967,773 (estimate as of July 31, 2026)
- Charter
- Savings institution
- Insurance fund
- BIF
- FDIC certificate
- 18257
Other bank failures in Connecticut, 1991 to 1995
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Founders Bank | New Haven | July 28, 1995 | $77.4 million | $77.4 million | $10.4 million | Centerbank |
| The Meriden Trust and Safe Deposit | Meriden | July 7, 1994 | $3.2 million | People's Savings Bank & Tru | ||
| The Bank of Hartford | Hartford | June 10, 1994 | $321.5 million | $276 million | $13.8 million | Eagle Federal Savings Ba |
| Burritt Interfinancial Bancorporation | New Britain | December 4, 1992 | $523.9 million | $506 million | $79 million | Derby Savings Bank |
| Greenwood Bank of Bethel, Inc. | Bethel | November 6, 1992 | $33.3 million | $33.2 million | $9.8 million | Union SB of Danbury |
| First Constitution Bank | New Haven | October 2, 1992 | $1.57 billion | $1.35 billion | $125.6 million | First Federal Bank A FSB |
| Vernon Bank | Vernon | June 26, 1992 | $34.3 million | $34.5 million | $3.1 million | Bank of South Windsor |
| Coastal FSB | New London | June 19, 1992 | $238.2 million | $224.5 million | $5.9 million |
Other failed banks Citizens Savings Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First National Bank of Tipton | Tipton | IA | February 14, 1986 | $17.9 million | $18 million | $664,646 | Citizens Savings Bank |
| Commercial State Bank | Afton | IA | March 8, 1985 | $16.3 million | $15.6 million | $3 million | Citizens Savings Bank |
All bank failures in 1993 · All bank failures in Connecticut · Every failed bank Citizens 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.