BOUNDARY WATERS STATE BANK Failed 1990

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

What happened

BOUNDARY WATERS STATE BANK of ELY, MN was closed on 1990-11-30. The FDIC was named receiver.

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

Deposits were transferred to STEARNS COUNTY NATIONAL BAN (ALBANY, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
2945
FDIC Certificate
22690
FDIC FIN
4296
Bank name
BOUNDARY WATERS STATE BANK
Location
ELY, MN
Failure date
1990-11-30
FDIC resolution date
1990-11-30
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.)
$1M
Deposits at failure
$13M
Assets at failure
$13M
Acquiring bank
STEARNS COUNTY NATIONAL BAN (ALBANY, MN)