Bank Failure
Lakeland State Bank
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Closed December 19, 1986 · Pequot Lakes, MN · FDIC Cert #1407.
- Closing date
- December 19, 1986
- Headquarters
- Pequot Lakes, MN
- FDIC Certificate
- 1407
- Total assets at closing
- $49.4M
- Total deposits at closing
- $49.1M
- Estimated loss to the insurance fund
- $7.0M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Northern NB of Bemidji
Context
On December 19, 1986, regulators closed Lakeland State Bank, headquartered in Pequot Lakes, MN. At closing, the institution held approximately $49.4M in assets and $49.1M in deposits. The FDIC record names Northern NB of Bemidji as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $7.0M.
By assets at closing this is the 1669th largest of the 3,526 bank failures in the FDIC record, and the 47th of 162 in 1986. 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 State Bank fail?
Lakeland State Bank was closed by regulators on December 19, 1986.
Who acquired Lakeland State Bank?
The FDIC record names Northern NB of Bemidji as the acquiring institution in the resolution of Lakeland State Bank.
How big was Lakeland State Bank when it failed?
Lakeland State Bank had approximately $49.4M in total assets and $49.1M in deposits at the time of failure.
Other failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
| Dec 5, 1986 | Firstsouth FS&LA | $1.68B |
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