Bank Failure
The Lee State Bank
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Closed November 9, 1989 · Browerville, MN · FDIC Cert #15080.
- Closing date
- November 9, 1989
- Headquarters
- Browerville, MN
- FDIC Certificate
- 15080
- Total assets at closing
- $13.4M
- Total deposits at closing
- $13.5M
- Estimated loss to the insurance fund
- $2.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First National Bank of Long
Context
On November 9, 1989, regulators closed The Lee State Bank, headquartered in Browerville, MN. At closing, the institution held approximately $13.4M in assets and $13.5M in deposits. The FDIC record names First National Bank of Long as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.7M.
By assets at closing this is the 2614th largest of the 3,526 bank failures in the FDIC record, and the 476th 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 Lee State Bank fail?
The Lee State Bank was closed by regulators on November 9, 1989.
Who acquired The Lee State Bank?
The FDIC record names First National Bank of Long as the acquiring institution in the resolution of The Lee State Bank.
How big was The Lee State Bank when it failed?
The Lee State Bank had approximately $13.4M in total assets and $13.5M 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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