February 28, 1990 |
Former Columbia Savings & Loan President Lawrence K. Fish is expected to be named as chairman and chief executive of troubled Bank of New England. Fish, 45, would fill the job formerly held by Walter J. Connolly Jr., who was ousted by the Boston bank's directors in December amid huge losses caused mainly by the plunge in New England's real estate market. Last week, the bank reported a $1.1-billion loss for 1989. The bank would not comment, and Fish could not be reached.
January 8, 1991 |
What once was known as the Massachusetts economic miracle is turning into what many banking experts believe is a Texas-style financial debacle. Although widely expected, the sudden seizure by federal regulators Sunday of the three major banks that are part of Boston's Bank of New England--the third-largest bank failure ever--has sent a sobering chill through the industry and has raised broader questions about the fragility of the nation's banks in a sliding economy.