Printer Friendly

ATTLEBORO PAWTUCKET SAVINGS BANK CLOSED; 'YOUR MONEY IS SAFE' CENTRAL FUND TELLS DEPOSITORS

 ATTLEBORO PAWTUCKET SAVINGS BANK CLOSED; 'YOUR MONEY IS SAFE'
 CENTRAL FUND TELLS DEPOSITORS
 BOSTON, Aug. 21 /PRNewswire/ -- In the wake of the Commonwealth's seizure this afternoon of Attleboro Pawtucket Savings Bank, the fund that insures savings bank deposits in excess of $100,000 moved quickly to assure customers that their money is protected.
 The Mutual Savings Central Fund insures all deposits in excess of the $100,000 Federal Deposit Insurance Corporation limit in Attleboro Pawtucket Savings Bank. The insured amount includes accrued interest calculated through the close of business today.
 Central Fund President Leonard Lapidus said, "The Central Fund wants to assure every Attleboro Pawtucket Savings Bank customer that any deposits over $100,000 they have in the bank are fully protected. Deposits will be available without the interruption when former Attleboro Pawtucket Savings Bank offices re-open for business on Monday Aug. 24 as branches of the New Bedford Institution for Savings.
 "And because New Bedford Institution for Savings is also a member of the FDIC and the Central Fund, all deposits from the former Attleboro Pawtucket Savings Bank will continue to be insured in full," he said.
 "In the insurance fund's 58 year history, no depositor of a member bank has ever lost a cent when their bank has failed. Attleboro Pawtucket Savings Bank customers will be no different," Lapidus added.
 Attleboro Pawtucket Savings bank has 19 offices in Massachusetts and Rhode Island. Offices in Massachusetts communities include: Attleboro, North Attleboro, Seekonk, Mansfield, Norton, and Plainville. Offices in Rhode Island include: Pawtucket, Cumberland, Lincoln, Warwick, E. Providence and N. Providence.
 It is estimated that there are 371 accounts in Attleboro Pawtucket Savings Bank with deposits over $100,000 totaling $8.8 million. Lapidus said that the Central Fund has made a payment of $938,000 to the FDIC to facilitate the assumption of these deposits by New Bedford Institution for Savings. The payment represents the money that depositors would have lost if the excess deposits had not been insured by the Central Fund. The Central Fund's actual liability will be determined within 60 days, and the Fund's payment to the FDIC will be adjusted accordingly.
 The Mutual Savings Central Fund manages the Deposit Insurance Fund (DIFM). The Central Fund is a private, industry-sponsored, mutual deposit insurance company that was created by the state legislature in 1932. All state-chartered savings banks must, by law, be members of the Central Fund.
 -0- 8/21/92
 /CONTACT: Judy Glasser for the Central Fund, 617-261-2200/ CO: Attleboro Pawtucket Savings Bank, Mutual Savings Central Fund ST: Massachusetts, Rhode Island IN: FIN SU:


CH -- NE008 -- 2232 08/21/92 15:34 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 21, 1992
Words:437
Previous Article:BG&E DECLARES DIVIDEND
Next Article:STANDARD FEDERAL BANK'S MANAGEMENT KNOWS OF NO REASON FOR RECENT STOCK PRICE WEAKNESS
Topics:


Related Articles
CENTRAL SAVINGS BANK CLOSED; "YOUR MONEY IS SAFE" CENTRAL FUND TELLS DEPOSITORS
VANGUARD SAVINGS BANK CLOSED; 'YOUR MONEY IS SAFE' CENTRAL FUND TELLS DEPOSITORS
SOUTHSTATE BANK FOR SAVINGS CLOSED; "YOUR MONEY IS SAFE" CENTRAL FUND TELLS DEPOSITORS
LANDMARK BANK FOR SAVINGS CLOSED; "YOUR MONEY IS SAFE" CENTRAL FUND TELLS DEPOSITORS
WINCHENDON SAVINGS BANK CLOSED; 'YOUR MONEY IS SAFE' CENTRAL FUND TELLS DEPOSITORS
PLYMOUTH FIVE CENTS SAVINGS BANK CLOSED; 'YOUR MONEY IS SAFE,' CENTRAL FUND TELLS DEPOSITORS
NORTH ATTLEBORO MAN CHARGED WITH MAKING FALSE STATEMENT TO ATTLEBORO SAVINGS BANK
TAX PREPARER PLEADS GUILTY TO MAKING FALSE STATEMENT TO ATTLEBORO BANK
MABIS OFFERS BANK DEPOSIT INSURANCE OVER FDIC $100,000 LIMIT
GRAHAM SAVINGS DEPOSITORS TO GET AN ADDITIONAL $1,000,000

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters