BOSTON — Bank of New England Corp. on Friday estimated that it lost up to $450 million in the last three months of 1990, results that analysts said could plunge the bank into insolvency and force a government bailout.
The bank said it had not calculated the final figures for the fourth quarter, but it expected heavy losses from bad real estate loans.
The announcement scared some depositors. At a bank branch in the town of Lynn, north of Boston, long lines of customers waited to withdraw money.
The projected losses would wipe out the bank's capital, which totaled $255 million as of Sept. 30, said Gerard Cassidy, an analyst at Tucker Anthony Inc.