LAKELAND STATE BANK Failed 1986

PEQUOT LAKES, MN · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

LAKELAND STATE BANK of PEQUOT LAKES, MN was closed on 1986-12-19. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to NORTHERN NB OF BEMIDJI (BEMIDJI, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
1327
FDIC Certificate
1407
FDIC FIN
2626
Bank name
LAKELAND STATE BANK
Location
PEQUOT LAKES, MN
Failure date
1986-12-19
FDIC resolution date
1986-12-19
Charter type
State commercial bank, non-Federal Reserve member (FDIC-supervised)
Resolution type
Purchase & Assumption — acquiring bank assumed deposits + bought assets
FDIC DIF cost (est.)
$7M
Deposits at failure
$49M
Assets at failure
$49M
Acquiring bank
NORTHERN NB OF BEMIDJI (BEMIDJI, MN)