# BOUNDARY WATERS STATE BANK

> **Failed bank** · ELY, MN · failed 1990-11-30 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $1M

## What happened

BOUNDARY WATERS STATE BANK of ELY, MN was closed by regulators 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
- **Estimated FDIC DIF cost:** $1M
- **Deposits at failure:** $13M
- **Assets at failure:** $13M
- **Acquiring bank:** STEARNS COUNTY NATIONAL BAN (ALBANY, MN)

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=BOUNDARY%20WATERS%20STATE%20BANK

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, BOUNDARY WATERS STATE BANK (FDIC ID 2945), failed 1990-11-30. Retrieved via AI Analytics 2026-05-17 from https://api.ai-analytics.org/failed-bank/2945.

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