THE FIRST NATIONAL BANK OF ELBOW LAKE Failed 1987

What happened

THE FIRST NATIONAL BANK OF ELBOW LAKE of ELBOW LAKE, MN was closed on 1987-05-14. The FDIC was named receiver.

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

Deposits were transferred to FIRST NB OF FERGUS FALLS (FERGUS FALLS, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1433

FDIC Certificate

5135

FDIC FIN

2689

Bank name

THE FIRST NATIONAL BANK OF ELBOW LAKE

Location

ELBOW LAKE, MN

Failure date

1987-05-14

FDIC resolution date

1987-05-14

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$8M

Deposits at failure

$16M

Assets at failure

$14M

Acquiring bank

FIRST NB OF FERGUS FALLS (FERGUS FALLS, MN)