STATE BANK OF MORGAN Failed 1988

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

What happened

STATE BANK OF MORGAN of MORGAN, MN was closed on 1988-03-18. The FDIC was named receiver.

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

Deposits were transferred to FARMERS&MERCHANTS STB SP (SPRINGFIELD, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
1652
FDIC Certificate
1930
FDIC FIN
2798
Bank name
STATE BANK OF MORGAN
Location
MORGAN, MN
Failure date
1988-03-18
FDIC resolution date
1988-03-18
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.)
$2M
Deposits at failure
$20M
Assets at failure
$20M
Acquiring bank
FARMERS&MERCHANTS STB SP (SPRINGFIELD, MN)