Bank of New England Put Under Limits:...
From Times Staff and Wire Reports
Bank of New England Put Under Limits: In trouble because of a large portfolio of bad real estate loans, the banking firm handed over significant control to federal regulators. The regulators ordered the Boston-based institution to suspend all dividend payments and come up with a plan within 30 days to get it and its subsidiaries back on sound footing. Meanwhile, all dividend payments have been halted.
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