PEOPLE'S STATE BANK OF MAZEPPA Failed 1987

What happened

PEOPLE'S STATE BANK OF MAZEPPA of MAZEPPA, MN was closed on 1987-08-21. The FDIC was named receiver.

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

Deposits were transferred to FIRST STATE BANK OF RED (RED WING, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1503

FDIC Certificate

9753

FDIC FIN

6901

Bank name

PEOPLE'S STATE BANK OF MAZEPPA

Location

MAZEPPA, MN

Failure date

1987-08-21

FDIC resolution date

1987-08-21

Charter type

State commercial bank, non-Federal Reserve member (FDIC-supervised)

Resolution type

Insured Deposit Transfer — insured deposits transferred to another bank

FDIC DIF cost (est.)

$5M

Deposits at failure

$20M

Assets at failure

$22M

Acquiring bank

FIRST STATE BANK OF RED (RED WING, MN)