FAIRMONT FEDERAL SAVINGS ASSOC. Failed 1990
What happened
FAIRMONT FEDERAL SAVINGS ASSOC. of FAIRMONT, MN was closed on 1990-02-09. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to FIRST FARMERS & MERCHANT NB (FAIRMONT, MN). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 2647
- FDIC Certificate
- 28205
- FDIC FIN
- 7163
- Bank name
- FAIRMONT FEDERAL SAVINGS ASSOC.
- Location
- FAIRMONT, MN
- Failure date
- 1990-02-09
- FDIC resolution date
- 1990-09-07
- Charter type
- SL
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $1M
- Deposits at failure
- $46M
- Assets at failure
- $46M
- Acquiring bank
- FIRST FARMERS & MERCHANT NB (FAIRMONT, MN)