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Article: STATE SEIZES COOLIDGE CORNER BANK
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- March 15, 1991
- Author:
CopyrightCopyright (null) The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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State banking regulators yesterday seized the insolvent Coolidge
Corner Co-operative Bank of Brookline and said it will reopen today
as a branch of the Brookline Savings Bank.
The one-office bank, with $86.3 million in deposits, fell victim
to a depressed real estate market and lax loan underwriting standards
under a chief executive who left a year ago, according to bank
commissioner Thomas J. Curry. He said the bank had negative net
worth of "upwards of a million dollars."
All Coolidge Corner depositors, including those with more than
$100,000 in the bank, will be fully insured.
The bank suffered large losses from a high concentration of
mortgage loans on investor-owned condominiums, and ...