BIWABIK STATE BANK Failed 1988
What happened
BIWABIK STATE BANK of BIWABIK, MN was closed on 1988-08-26. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to FIRST NATIONAL BANK (KEEWATIN, MN). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1881
- FDIC Certificate
- 17163
- FDIC FIN
- 2899
- Bank name
- BIWABIK STATE BANK
- Location
- BIWABIK, MN
- Failure date
- 1988-08-26
- FDIC resolution date
- 1988-08-26
- 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.)
- $0M
- Deposits at failure
- $3M
- Assets at failure
- $3M
- Acquiring bank
- FIRST NATIONAL BANK (KEEWATIN, MN)
Other banks FIRST NATIONAL BANK acquired in FDIC resolutions