Bank Failure
Boundary Waters State Bank
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Closed November 30, 1990 · Ely, MN · FDIC Cert #22690.
- Closing date
- November 30, 1990
- Headquarters
- Ely, MN
- FDIC Certificate
- 22690
- Total assets at closing
- $13.4M
- Total deposits at closing
- $13.4M
- Estimated loss to the insurance fund
- $1.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Stearns County National Ban
Context
On November 30, 1990, regulators closed Boundary Waters State Bank, headquartered in Ely, MN. At closing, the institution held approximately $13.4M in assets and $13.4M in deposits. The FDIC record names Stearns County National Ban as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $1.5M.
By assets at closing this is the 2610th largest of the 3,526 bank failures in the FDIC record, and the 343rd of 381 in 1990. 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 Boundary Waters State Bank fail?
Boundary Waters State Bank was closed by regulators on November 30, 1990.
Who acquired Boundary Waters State Bank?
The FDIC record names Stearns County National Ban as the acquiring institution in the resolution of Boundary Waters State Bank.
How big was Boundary Waters State Bank when it failed?
Boundary Waters State Bank had approximately $13.4M in total assets and $13.4M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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