Bank Failure
Biwabik State Bank
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Closed August 26, 1988 · Biwabik, MN · FDIC Cert #17163.
- Closing date
- August 26, 1988
- Headquarters
- Biwabik, MN
- FDIC Certificate
- 17163
- Total assets at closing
- $3.2M
- Total deposits at closing
- $3.2M
- Estimated loss to the insurance fund
- $451K
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- First National Bank
Context
On August 26, 1988, regulators closed Biwabik State Bank, headquartered in Biwabik, MN. At closing, the institution held approximately $3.2M in assets and $3.2M in deposits. The FDIC record names First National Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $451K.
By assets at closing this is the 3053rd largest of the 3,526 bank failures in the FDIC record, and the 231st of 232 in 1988. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Biwabik State Bank fail?
Biwabik State Bank was closed by regulators on August 26, 1988.
Who acquired Biwabik State Bank?
The FDIC record names First National Bank as the acquiring institution in the resolution of Biwabik State Bank.
How big was Biwabik State Bank when it failed?
Biwabik State Bank had approximately $3.2M in total assets and $3.2M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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