Bank Failure
BOUNDARY WATERS STATE BANK
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 DIF
- $1.5M
- Resolution type
- other
- Acquirer
- STEARNS COUNTY NATIONAL BAN (FDIC Cert #4296)
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 arranged a resolution under which STEARNS COUNTY NATIONAL BAN acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $1.5M.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1990
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1990-12-28 | CAPITOL BANK AND TRUST COMPANY | BOSTON , MA | $485.6M |
| 1990-12-28 | SOUTHERN FS | NEW ORLEANS , LA | $230.8M |
| 1990-12-28 | FIRST FS & LA OF ANDALUSIA | ANDALUSIA , AL | $38.7M |
| 1990-12-27 | ENTERPRISE SAVINGS BANK, FA | CHICAGO , IL | $432.6M |
| 1990-12-21 | ARKANSAS FSB | LITTLE ROCK , AR | $71.7M |
| 1990-12-15 | MID-AMERICA FS & LA | COLUMBUS , OH | $1.21B |
| 1990-12-14 | COMMUNITY FS & LA | ST. LOUIS , MO | $1.98B |
| 1990-12-14 | COMFED SAVINGS BANK | LOWELL , MA | $1.40B |
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