Bank Failure
Lakeland Savings Bank FSB
Closed March 16, 1990 · Detroit Lakes, MN · FDIC Cert #29137.
- Closing date
- March 16, 1990
- Headquarters
- Detroit Lakes, MN
- FDIC Certificate
- 29137
- Total assets at closing
- $79.6M
- Total deposits at closing
- $80.6M
- Estimated loss to DIF
- $24.8M
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Security State Bank
Context
On March 16, 1990, regulators closed Lakeland Savings Bank FSB, headquartered in Detroit Lakes, MN. At closing, the institution held approximately $79.6M in assets and $80.6M in deposits. The FDIC arranged a resolution under which First Security State Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $24.8M.
By assets at closing this is the 1340th largest of the 3,526 bank failures in the FDIC record, and the 170th 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 Lakeland Savings Bank FSB fail?
Lakeland Savings Bank FSB was closed by regulators on March 16, 1990.
Who acquired Lakeland Savings Bank FSB?
First Security State Bank acquired the failed bank's deposits and operations on March 16, 1990 under an FDIC-brokered resolution.
How big was Lakeland Savings Bank FSB when it failed?
Lakeland Savings Bank FSB had approximately $79.6M in total assets and $80.6M 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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