Bank Failure
MIDWEST FEDERAL SAVINGS
Closed February 13, 1989 · MINNEAPOLIS, MN · FDIC Cert #30540.
- Closing date
- February 13, 1989
- Headquarters
- MINNEAPOLIS, MN
- FDIC Certificate
- 30540
- Total assets at closing
- $3,255,576,000
- Total deposits at closing
- $2,238,263,000
- Estimated loss to DIF
- $754,794,000
- Resolution type
- other
- Acquirer
- BRANCH SALE (FDIC Cert #7203)
Context
On February 13, 1989, regulators closed MIDWEST FEDERAL SAVINGS, headquartered in MINNEAPOLIS, MN. At closing, the institution held approximately $3,255,576,000 in assets and $2,238,263,000 in deposits. The FDIC arranged a resolution under which BRANCH SALE acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $754,794,000.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1989
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1989-12-21 | COLUMBIA FSA | NASSAU BAY, TX | $77,141,000 |
| 1989-12-21 | SILVER SAVINGS ASSOC. | SILVER CITY, NM | $32,209,000 |
| 1989-12-20 | FIRST CITY NATIONAL BANK AND TRUST | NEW YORK, NY | $39,512,000 |
| 1989-12-20 | UNITED COMMUNITY BANK | WESTLAKE VILLAGE, CA | $32,288,000 |
| 1989-12-15 | FIRST AMERICAN BANK AND TRUST | NORTH PALM BEACH, FL | $1,382,924,000 |
| 1989-12-14 | YORKRIDGE-CALVERT FEDERAL SAVINGS | BALTIMORE, MD | $585,792,000 |
| 1989-12-14 | LOUISIANA SAVINGS ASSN. | LAKE CHARLES, LA | $449,258,000 |
| 1989-12-14 | FIRST ACADIANA BANK | EUNICE, LA | $46,767,000 |
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