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Bank of New England
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.
==Formation and interstate growth==
The Bank of New England Corporation was formed as the first interstate regional bank in the United States in 1985 as a result of a merger between the Bank of New England Corporation and CBT Corporation. The CBT Corporation was better known as the Connecticut Bank and Trust Company and traced its roots to the Union Bank of New London (founded in 1792), as well as the Connecticut Trust and Safe Deposit Company, the Hartford Trust Company, and the Phoenix State Bank and Trust Company (founded in 1814). The Bank of New England Corporation traced its roots to the Merchants Bank (founded in 1831) and was for a time known as the New England Merchants National Bank and the New England National Bank of Boston.〔
The Bank Holding Company Act of 1956 prohibited interstate bank holding companies (although some existing companies were "grandfathered"). The 1966 Douglas Amendment to the Act permitted interstate bank holding companies as long as the individual states also permitted it. Connecticut and Massachusetts were among the first states to implement reciprocal legislation and in 1984 New England Merchants National Bank and CBT Corporation attempted to test this legislation by applying for permission to merge.〔 Citicorp challenged the merger under the constitutional concept known as an "illegal compact between states".〔 Despite a new federal law creating a New England regional interstate banking zone, the case continued and was appealed to the Supreme Court in Northeast Bancorp, Inc. v. Governors, FRS, 472 U.S. 159 (1985), which found the interstate compact was not illegal. This paved the way for the merger of the entities in 1985 and several subsequent mergers of other banks.
In 1987 the new Bank of New England Corporation acquired the Conifer Group of community banks and in 1988 was listed on the New York Stock Exchange under the symbol NEB. However, the bank swung from a 74 million dollar profit in 1989 to a 1.2 billion dollar loss in 1990. This loss is attributed to poor investments in the real estate market and was part of the larger savings and loan crisis engulfing the banking industry at the time. These investments were the result of CEO Walter Connolly's aggressive growth and acquisition strategies throughout the mid-1980s and in 1989 he was forced to resign by the board of directors and replaced by Lawrence Fish. At the same time as his resignation, the federal government issued a cease and desist order to the bank to restrain its lending practices, which were considered a risk to its solvency.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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