Bank failure · CT

New England Savings Bank (New London, CT) — failed May 21, 1993

New England Savings Bank of New London, Connecticut was closed on May 21, 1993 and resolved through a purchase and assumption (insured deposits). Citizens Savings Bank (RI) took over its insured deposits. At failure it held $914.9M in assets and $720.5M in deposits. The FDIC's estimated loss on the failure is $117.0M (12.8% of assets).