Bank of New England Corp.: The Boston-based...
From Times Staff and Wire Service Reports
Bank of New England Corp.: The Boston-based institution said that it lost $1.11 billion in 1989 but that it would not immediately report fourth-quarter results because it was reviewing loan-loss provisions taken during the year. The company said on Jan. 19 that it expected a fourth-quarter loss of about $1.2 billion after boosting its reserves against losses to $1.65 billion. The bank earned $281.7 million in 1988. Banks in the region have suffered because of the area’s slumping real estate market, but analysts say Bank of New England has been hurt because of aggressive lending during a construction boom in the mid-1980s.
Tables, D13
