Data / Bank failures / 1987 / Yankee Bank for Finance & Saving
Yankee Bank for Finance & Saving, Boston, MA: failed October 16, 1987
Yankee Bank for Finance & Saving in Boston, Massachusetts, failed on October 16, 1987. Boston Five Cents SB FSB of Boston, MA, took over its deposits. It held $525.5 million in assets and $488.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $63.6 million (12.1% of its assets). By assets it was the 9th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- October 16, 1987
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Boston Five Cents SB FSB, Boston, MA
- Total assets
- $525,481,000
- Total deposits
- $488,318,000
- Estimated cost to the FDIC
- $63,567,730 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- FDIC
- FDIC certificate
- 17888
Other bank failures in Massachusetts, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First Service Bank for Savings | Leominster | March 31, 1989 | $880.7 million | $683.4 million | $288.2 million | Peoples Savings Bank |
| The First National Bank of Marlborough | Marlborough | January 23, 1987 | $60.7 million | $55.9 million | $18.7 million | Worcester Cnty Inst for |
All bank failures in 1987 · All bank failures in Massachusetts · 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.