Advertisement

P.M. BRIEFING : Several Possible Buyers Looking at Failed Bank of New England

Times Wire Services

The head of the Federal Deposit Insurance Corp. said today about half a dozen suitors are now looking into buying the failed Bank of New England and that a winning bidder could be picked sometime in late spring.

FDIC Chairman L. William Seidman also said his agency is working on a plan to help ease the region’s credit crunch by injecting money into banks with tight capital.

Seidman visited Boston five days after government regulators seized Bank of New England. His main purpose was to meet with FDIC officials and bank personnel to discuss the operations of the bank until a buyer is found.

When Seidman announced the takeover, he said the FDIC had two bidders for the bank. Today, Seidman said several other large institutions have shown interest.

Advertisement


Advertisement