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33-578: 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. The Bank of New England Corporation was formed as the first interstate regional bank in the United States in 1985 as a result of a merger between the (old) Bank of New England Corporation and CBT Corporation. CBT was the parent of Connecticut Bank and Trust Company, which traced its roots to

66-452: A failed bank until a buyer can be found. While national laws vary, the bridge bank is usually established by a publicly backed deposit insurance organisation or financial regulator and may be instituted to avoid systemic risk and provide an orderly transition avoiding negative effects such as bank runs . Typically, the tasks of a bridge bank are to ensure seamless continuity of banking operations by: These tasks are carried out on

99-566: A buyer can be found for its operations. Under CEBA, when a FDIC-insured bank is in financial trouble, the FDIC "may establish a bridge bank to — Bridge banks must be chartered as national banks in accordance with US banking law . To the extent possible, bridge banks are required to honor the commitments of the failed bank to its customers, and not to interrupt or terminate adequately secured loans . Bridge banks are authorized to seek to liquidate failed banks, either by finding buyers for

132-652: A leading role in the expansion of the church in 1827, his committee retaining the prominent architect, Ithiel Towne for the Gothic Revival design. In 1983, Christ Church Cathedral was listed in the National Register of Historic Places. He served on a committee with 2 other parishioners that participated in the founding of Washington College, later renamed Trinity College. Trinity is the second oldest college in Connecticut after Yale. As noted on

165-463: A lieutenant in the Connecticut militia, while his uncle, Dr. Elihu Tudor, was a loyalist and intimate friend of loyalist Governor William Franklin of New Jersey. Elihu was a preeminent surgeon who attended to British General James Wolfe at the Battle of Quebec . Tudor’s grandfather, Samuel, Jr, was a Yale-educated Presbyterian minister. The family descended from Owen Tudor, a founder of Hartford who

198-549: A new federal law creating a New England regional interstate banking zone, the case continued and was appealed to the Supreme Court in Northeast Bancorp, Inc. v. Governors, FRS , 472 U.S. 159 (1985), which found the interstate compact was not illegal. This paved the way for the merger of the entities in 1985 and several subsequent mergers of other banks. In 1987 the new Bank of New England Corporation acquired

231-422: A skilled musician. He lived to be 92. The celebrated nineteenth-century American poet, Lydia Sigourney was the wife of Tudor’s longtime business partner and friend, Charles Sigourney, president of Phoenix Bank. She published a memorial poem of Tudor in 1862. Of him she wrote: Bridge bank (United States) A bridge bank is an institution created by a national regulator or central bank to operate

264-479: A slave. In 21st century, Aetna confessed that they sold slave policies to the slave owners after 1853, when Tudor had been serving as the director of the company for over thirty years from 1819. Samuel Tudor should be one of the responsible parties of Aetna to sell the policies of slaves. Tudor was for 47 years a member of the vestry of and a major financial contributor to Christ Church in Hartford. He played

297-433: A temporary basis (usually for no more than two or three years) to provide time to find a buyer for the bank as a going concern. If the bank cannot be sold as a going concern, its portfolio of assets are liquidated in an orderly fashion. Should the bridge bank fail to wind down its operations within the allotted time, the national deposit insurance corporation is appointed as the receiver of the bridge bank's assets. In Nigeria

330-692: The ( Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) administer the deposits and liabilities of a failed bank. Under the arrangement, the NDIC is authorized to operate a failed bank for a period until a buyer can be found for its operations. When in the opinion of CBN, a NDIC-insured bank is in financial trouble, the CBN and NDIC may establish a bridge bank to; Bridge banks are authorized to seek to liquidate failed banks, either by finding buyers for

363-506: The Act permitted interstate bank holding companies as long as the individual states also permitted it. Connecticut and Massachusetts were among the first states to implement reciprocal legislation and in 1984 New England Merchants National Bank and CBT Corporation attempted to test this legislation by applying for permission to merge. Citicorp challenged the merger under the constitutional concept known as an "illegal compact between states". Despite

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396-519: The College's website, Tudor made large contributions to the institution. He additionally served for several years as its first treasurer and as a trustee. Tudor owned a large property on Main Street in Hartford that included a private greenhouse, ice house, and extensive ornamental and fruit gardens, which were said to be worthy as a destination for visitors to the city. He also enjoyed a reputation as

429-544: The Conifer Group of community banks and in 1988 was listed on the New York Stock Exchange under the symbol NEB. However, the bank swung from a 74 million dollar profit in 1989 to a 1.2 billion dollar loss in 1990. This loss is attributed to poor investments in the real estate market and was part of the larger savings and loan crisis engulfing the banking industry at the time. These investments were

462-471: The FDIC insured all accounts, even those above the $ 100,000 insurance limit , with the total cost of the bailout estimated at $ 2.3 billion. The FDIC indicated that a panic at the Bank of New England would have created a systemic risk to the entire financial markets. Even with the additional assurance, over a billion and a half dollars were withdrawn from the bank in the days leading up to the seizure, compounding

495-630: The Hartford Fire Insurance Company, which today is known as The Hartford , and later was elected to the founding board of directors of the Aetna Insurance Company in 1819, the second insurance company to be created in Hartford County. He served on Aetna's board of directors for forty-three years, virtually for the balance of his life. Aetna was closely allied with Phoenix Bank and was to become

528-1076: The Union Bank of New London (founded in 1792), as well as the Connecticut Trust and Safe Deposit Company, the Hartford Trust Company, and the Phoenix State Bank and Trust Company (founded in 1814). The old Bank of New England traced its roots to the Merchants Bank (founded in 1831) and was for a time known as the New England Merchants National Bank and the New England National Bank of Boston. The Bank Holding Company Act of 1956 prohibited interstate bank holding companies (although some existing companies were "grandfathered"). The 1966 Douglas Amendment to

561-591: The assets and liabilities of Afribank; Keystone Bank Limited assumed the assets and liabilities of Bank PHB, while Enterprise Bank Limited took over that of Spring Bank. The Asset Management Company of Nigeria (AMCON) immediately acquired from the Nigeria Deposit Insurance Corporation (NDIC), the three Bridge Banks. Accordingly, AMCON injected N679 billion into the Bridge Banks to meet the minimum capital base of N25 billion and

594-489: The assets of the Bank of New England, Connecticut Bank & Trust Company, and Maine National Bank. These bridge banks were transferred to Fleet/Norstar Financial Group and Kohlberg Kravis Roberts and operated by Fleet, and later Bank of America , as the Recoll Management Corporation, collecting loans owed to the defunct banks. Major payments were made in 1998 for $ 140 million in claims and in

627-565: The bank as a going concern , or by liquidating its portfolio of assets, within two years, which can be extended by an additional year. Should the bridge bank fail to wind down its operations within the allotted time, the bridge bank must notify the Governor of the CBN of its intent to dissolve the bridge bank. Under this situation, the NDIC is appointed as the receiver of the bridge bank's assets. On August 5, 2011, Central Bank of Nigeria revoked

660-515: The bank as a going concern, or by liquidating its portfolio of assets, within two years, which can be extended for cause by an additional year. Should the bridge bank fail to wind down its operations within the allotted time, the bridge bank must notify the Comptroller of the Currency of its intent to dissolve the bridge bank. Under this situation, the FDIC is appointed as the receiver of

693-431: The company's financial health, such as selling the credit card unit to Citigroup and laying off 5,600 employees, the bank continued to experience large losses. The Federal Reserve's Boston branch loaned the bank $ 478 million as temporary financing, however real estate related losses for the year of nearly 6 billion dollars overwhelmed the bank's solvency. Part of the problem involved large loans made between bank entities in

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726-533: The earlier institution. Samuel Tudor Samuel Tudor IV, Esq. (1769–1862) was a nineteenth-century American entrepreneur, business and civic leader of Hartford, Connecticut . He was a founding director of Aetna Insurance Company , the Phoenix National Bank and the Society of Savings Bank of Hartford, as well as a founding trustee and major early benefactor of Trinity College . Tudor

759-510: The effect of withdrawals that had taken place over the prior year of turmoil at the bank. These withdrawals occurred in long Depression-era lines that were widely reported in the press. The Bank of New England Trust Company in West Palm Beach , Florida which was a subsidiary of the Bank of New England was not taken over and was instead sold off as part of the liquidation process. Subsequently three bridge banks were set up to oversee

792-500: The end secured creditors received 100% of their money while unsecured creditors received 34 cents on the dollar. However, as of 2009, creditors were still disputing the allocation of the final 101 million dollars that the bankruptcy trustee had to distribute. In 2007, the Southern New Hampshire Bank & Trust of Salem, New Hampshire , was renamed as the Bank of New England; however, it shares no connection to

825-417: The founding member of Trinity, who helped this institution to collect and secure fundings to thrive its first decade. He was also a very generous and continuous donor to the college until his death in 1862. Samuel Tudor was a slave owner according to the 1810 United States Census , and the twelfth column of the chart indicates he owned a slave. The later 1820 United States Census suggests he no longer own

858-436: The holding group that distorted financial results, as well as embezzlement by a vice-president of the bank, which was discovered at the height of the crisis in late 1990. In January 1991 the FDIC seized Bank of New England's three subsidiary banks—Bank of New England Trust Company, Connecticut Bank and Trust, and Maine National Bank—and placed them into Chapter 7 bankruptcy liquidation. To avoid an expected bank run due to panic,

891-401: The largest life insurance company in the world. Tudor and his fellow board of directors appointed Aetna’s first president, Thomas K. Brace . Tudor was also a founding trustee of the Society of Savings, the first savings bank in Connecticut. Samuel Tudor served as Trinity College's Treasurer from 1823 to 1836, and he later remained as a member of Trustees from 1825 until 1858. Tudor was one of

924-663: The minimum capital adequacy ratio of 15 per cent. In the United States law of banking regulation , a bridge bank is organized by federal bank regulators to administer the deposits and liabilities of a failed bank . Under the Competitive Equality Banking Act (CEBA) of 1987, the Federal Deposit Insurance Corporation (FDIC) is authorized to operate a failed bank for a period of up to three years, until

957-409: The operating licenses of three banks including; Afribank , Spring Bank , and Bank PHB , which according to it, did not show enough capacity and ability for recapitalization . In their place, the CBN through the NDIC established Bridge Banks and transferred the assets and liabilities of the three affected banks to the Bridge Banks as follows; Under the arrangement, MainStreet Bank Limited took over

990-414: The result of CEO Walter Connolly's aggressive growth and acquisition strategies throughout the mid-1980s and in 1989 he was forced to resign by the board of directors and replaced by Lawrence Fish. At the same time as his resignation, the federal government issued a cease and desist order to the bank to restrain its lending practices, which were considered a risk to its solvency. Despite efforts to restore

1023-478: Was a prosperous importer and wholesale and retail dry goods merchant, with interests in several firms, including Tudor, Woodbridge & Co, established in 1805, one of the largest in Hartford. In 1814 he joined with 2 other partners to found the Phoenix Bank, which became one of the largest banks in Connecticut. He served as director and briefly as president of that bank. He was one of the first shareholders of

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1056-802: Was also connected with the establishment of many of the leading institutions of that city. He was a director of the American Asylum School for the Deaf , the oldest permanent school for the deaf in the U.S., and a co-founder of the Hartford Academy. Tudor was born in East Windsor , in Connecticut Colony , in 1769, son of Samuel Tudor, III, and Naomi Diggens. His father was called to the Lexington Alarm as

1089-827: Was in Connecticut by 1645 and who made unsubstantiated claims to be related to the British monarchs. Samuel IV, who was also commonly known as Samuel Tudor, Jr., married Mary Watson, daughter of John Watson, a wealthy Windsor, Connecticut, merchant, and Ann Bliss. John Watson was a second cousin of Connecticut Governor Jonathan Trumbull, Jr. , and of his brother, the celebrated Revolutionary War painter, John Trumbull . With Watson, Tudor had 2 sons, William Watson, who married Mary Dalrymple Bruce, great-granddaughter of General Samuel Barwick II, Governor of Barbados ; and Henry Samuel Tudor, who married Mary Rowe Bradley, daughter of U.S. Senator Stephen Rowe Bradley , and sister of William Czar Bradley , U.S. Representative, both of Vermont. Samuel

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