First Service Bank for Savings
Leominster, MA
$881M
total assets, December 31, 1988
$881M
total assets, December 31, 1988
First Service Bank for Savings was a state savings bank in Leominster, MA. It failed on Mar 31, 1989, and Peoples Savings Bank took over its deposits. At its last report it held $880.7 million in assets.
Updated Oct 11, 2026 · numbers as of December 31, 1988
This bank failed
- Failed on
- Mar 31, 1989
- Assets
- $881M
- Deposits
- $683M
- Estimated cost
- $288M
- Deposits went to
- Peoples Savings Bank, Worcester, MA
Total assets
$881M
+12.2% in a year · +2.5% in a quarter
Deposits
$683M
+43.1% in a year · +5.0% in a quarter
Loans
$695M
+19.9% in a year · +3.0% in a quarter
Profit so far
-$60.6M
Jan 1 to Dec 31, 1988 · -1124.1% in a year
Capital ratio
-1.12%
-10.13 pts in a year
Return on assets
-7.10%
-8.14 pts in a year
Facts
- Type
- State savings bank
- Head office
- 15 Monument Square, Leominster, MA, 01453
- County
- Worcester
- Established
- Mar 26, 1865
- Failed
- Mar 31, 1989
- Employees
- 357
- Id
- b21973
Quarter by quarter
March 31, 1984 to December 31, 1988
Assets, deposits and loans
Each quarter end, US dollars
Profit by quarter
Net income of each quarter, the last 12
Ratios
Percent. Return on assets and net interest margin are yearly rates.
Related pages
Questions and answers
How big is First Service Bank for Savings?
$880.7 million in total assets and $683.4 million in deposits as of December 31, 1988, with assets up 12.2% from a year before. Its loans were $694.6 million.
Is First Service Bank for Savings profitable?
No: it lost $60.6 million from January 1 to December 31, 1988. Its return on assets was -7.10% a year; about 1% is typical.
When did First Service Bank for Savings fail?
Mar 31, 1989. Peoples Savings Bank of Worcester, MA took over its deposits. The estimated cost of the failure was $288.2 million.
Official public data from the reports every insured bank files each quarter. Profit so far runs from January 1 to the quarter end. Branch deposits are counted once a year, as of June 30. New quarters appear about two months after the quarter ends.