Data / Bank failures / 1992 / The Bank for Savings
The Bank for Savings, Malden, MA: failed March 20, 1992
The Bank for Savings in Malden, Massachusetts, failed on March 20, 1992. Medford Savings Bank of Medford, MA, took over its deposits. It held $398 million in assets and $392.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $21.7 million (5.5% of its assets). By assets it was the 40th largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- March 20, 1992
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Medford Savings Bank, Medford, MA
- Total assets
- $397,979,000
- Total deposits
- $392,720,000
- Estimated cost to the FDIC
- $21,722,526 (estimate as of July 31, 2026)
- Charter
- Savings institution
- Insurance fund
- BIF
- FDIC certificate
- 23289
Other bank failures in Massachusetts, 1990 to 1994
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Ludlow Savings Bank | Ludlow | October 21, 1994 | $222.7 million | $229.1 million | $2.9 million | Albany Savings Bank FSB |
| Commercial Bank and Trust Company | Lowell | May 6, 1994 | $30.3 million | $29.8 million | $3.7 million | Medford Savings Bank |
| 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 |
Other failed banks Medford Savings Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Commercial Bank and Trust Company | Lowell | MA | May 6, 1994 | $30.3 million | $29.8 million | $3.7 million | Medford Savings Bank |
All bank failures in 1992 · All bank failures in Massachusetts · Every failed bank Medford 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.