BOSTON -- First National Bank of Boston has taken over five branches of Workingmens Co-Operative Bank, which on Friday was placed under Federal Deposit Insurance Corp. receivership.
Workingmens was declared insolvent by the state banking commissioner. The five branches are in the Boston area.
First National, a subsidiary of Bank of Boston Corp., said it assumed about $190 million in deposits and acquired more than 23,200 loan accounts. These include guaranteed student loans, passbook loans, and advance accounts but exclude mortgages or home equity loans.
Bank of Boston said it would retain all 90 full-time and part-time employees for at least several months.
The thrift's parent, Workingmens Corp., lost $4.9 million, or $4.09 a share, in the nine months ended Jan. 31, compared with a year-earlier loss of $10.6 million, or $8.87 a share.