Bank Failure
The Dakota Bank
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Closed August 24, 1989 · Grand Forks, ND · FDIC Cert #22967.
- Closing date
- August 24, 1989
- Headquarters
- Grand Forks, ND
- FDIC Certificate
- 22967
- Total assets at closing
- $31.2M
- Total deposits at closing
- $28.6M
- Estimated loss to the insurance fund
- $2.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First National Bank South
Context
On August 24, 1989, regulators closed The Dakota Bank, headquartered in Grand Forks, ND. At closing, the institution held approximately $31.2M in assets and $28.6M in deposits. The FDIC record names First National Bank South as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.9M.
By assets at closing this is the 2026th largest of the 3,526 bank failures in the FDIC record, and the 385th of 530 in 1989. 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 The Dakota Bank fail?
The Dakota Bank was closed by regulators on August 24, 1989.
Who acquired The Dakota Bank?
The FDIC record names First National Bank South as the acquiring institution in the resolution of The Dakota Bank.
How big was The Dakota Bank when it failed?
The Dakota Bank had approximately $31.2M in total assets and $28.6M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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