Regional banking institution based in Boston, Massachusetts
Bank of New England Corporation
Non-color logo from 1988
Company type
Subsidiary
Industry
Banking
Predecessor
Bank of New England Corporation and CBT Corporation
Founded
1985
Defunct
1991
Fate
Bankruptcy liquidation
Successor
Recoll Management Corporation
Headquarters
Boston, Massachusetts, United States
Number of locations
470+ branches at peak
Area served
Northeastern United States
Key people
Lawrence Fish, Walter Connolly
Net income
-$450,000,000 (1990Q4)
Total assets
$21,900,000,000 (1990)
Parent
Bank of New England Corporation
Subsidiaries
Connecticut Bank & Trust Company; Maine National Bank; Bank of New England Trust Company
The Bank of New England Corporation was a regional banking institution based in Boston, Massachusetts, which was seized by the Federal Deposit Insurance Corporation (FDIC) in 1991 as a result of heavy losses in its loan portfolio and was placed into Chapter 7 liquidation. At the time, it was the 33rd largest bank in the United States, and its federal seizure bailout was the second-largest on record. At its peak, it had been the 18th largest bank and had over 470 branch offices. The liquidation company was named Recoll Management Corporation and its bankruptcy estate has continued to exist to pay out claims against the company. As of 2016, most of what was once Bank of New England is now part of Bank of America.
Since 2007, a privately-held bank in New Hampshire has been known as Bank of New England, but it shares no history with the defunct Boston-based institution.
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