LAKELAND SAVINGS BANK FSB Failed 1990

What happened

LAKELAND SAVINGS BANK FSB of DETROIT LAKES, MN was closed on 1990-03-16. The FDIC was named receiver.

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

Deposits were transferred to FIRST SECURITY STATE BANK (SLEEPY EYE, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2702

FDIC Certificate

29137

FDIC FIN

7145

Bank name

LAKELAND SAVINGS BANK FSB

Location

DETROIT LAKES, MN

Failure date

1990-03-16

FDIC resolution date

1990-08-24

Charter type

Savings bank

Resolution type

Insured Deposit Transfer — insured deposits transferred to another bank

FDIC DIF cost (est.)

$25M

Deposits at failure

$81M

Assets at failure

$80M

Acquiring bank

FIRST SECURITY STATE BANK (SLEEPY EYE, MN)