 Non-color logo from 1988 | |
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Predecessor | Bank of New England Corporation and CBT Corporation |
| Founded | 1985 |
| Defunct | 1991 |
| Fate | Bankruptcy liquidation |
| Successor | Recoll Management Corporation |
| Headquarters | Boston, Massachusetts, United States |
Number of locations | 470+ branches at peak |
Area served | Northeastern United States |
Key people | Lawrence Fish, Walter Connolly |
| -$450,000,000 (1990Q4) | |
| Total assets | $21,900,000,000 (1990) |
| Parent | Bank of New England Corporation |
| Subsidiaries | Connecticut Bank & Trust Company; Maine National Bank; Bank of New England Trust Company |
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. As of 2016, most of what was once Bank of New England is now part of Bank of America.
Since 2007, a privately-held bank in New Hampshire has been known as Bank of New England, but it shares no history with the defunct Boston-based institution.