Bank Failure
First Trust Bank of Lakefield
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Closed May 31, 1985 · Lakefield, MN · FDIC Cert #5177.
- Closing date
- May 31, 1985
- Headquarters
- Lakefield, MN
- FDIC Certificate
- 5177
- Total assets (last filing before closing)
- $24.3M
- Total deposits (last filing before closing)
- $22.1M
- Estimated loss to the insurance fund
- $9.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Fulda State Bank
Context
On May 31, 1985, regulators closed First Trust Bank of Lakefield, headquartered in Lakefield, MN. At closing, the institution held approximately $24.3M in assets and $22.1M in deposits. The FDIC record names Fulda State Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $9.4M.
By total assets in its last filing before closing, this is the 2195th largest of the 3,526 bank failures in the FDIC record, and the 65th of 139 in 1985. 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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did First Trust Bank of Lakefield fail?
First Trust Bank of Lakefield was closed by regulators on May 31, 1985.
Who acquired First Trust Bank of Lakefield?
The FDIC record names Fulda State Bank as the acquiring institution in the resolution of First Trust Bank of Lakefield.
How big was First Trust Bank of Lakefield when it failed?
First Trust Bank of Lakefield had approximately $24.3M in total assets and $22.1M in deposits at the time of failure.
Other failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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