WATSON STATE BANK Failed 1988

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

What happened

WATSON STATE BANK of WATSON, MN was closed on 1988-09-30. The FDIC was named receiver.

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

Deposits were transferred to MINNWEST BANK MONTEVIDEO (MONTEVIDEO, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
1938
FDIC Certificate
8837
FDIC FIN
2924
Bank name
WATSON STATE BANK
Location
WATSON, MN
Failure date
1988-09-30
FDIC resolution date
1988-09-30
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.)
$5M
Deposits at failure
$13M
Assets at failure
$14M
Acquiring bank
MINNWEST BANK MONTEVIDEO (MONTEVIDEO, MN)