WASHINGTON -- Fleet/Norstar Financial Group won the bidding for Bank of New England last April because the Federal Deposit Insurance Corp. board made last-minute changes to the agency staff's cost calculations, according to a report to be released today by the House Banking Committee.

The findings support the widely held view that the FDIC can massabge bids for a failed bank so that it will be awarded to the company that the agency favors.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.