FIRST NATIONAL BANK IN WEST CONCORD Failed 1987

What happened

FIRST NATIONAL BANK IN WEST CONCORD of WEST CONCORD, MN was closed on 1987-03-05. The FDIC was named receiver.

Resolution: Insured Deposit Transfer — insured deposits transferred to another bank

Deposits were transferred to FARMERS STB OF WEST CONC (WEST CONCORD, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1377

FDIC Certificate

14426

FDIC FIN

5821

Bank name

FIRST NATIONAL BANK IN WEST CONCORD

Location

WEST CONCORD, MN

Failure date

1987-03-05

FDIC resolution date

1987-03-05

Charter type

National commercial bank (OCC-chartered)

Resolution type

Insured Deposit Transfer — insured deposits transferred to another bank

FDIC DIF cost (est.)

$1M

Deposits at failure

$9M

Assets at failure

$9M

Acquiring bank

FARMERS STB OF WEST CONC (WEST CONCORD, MN)