STATE BANK OF SPRINGFIELD Failed 1992

What happened

STATE BANK OF SPRINGFIELD of SPRINGFIELD, MN was closed on 1992-07-17. The FDIC was named receiver.

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

Deposits were transferred to SOUTHWEST STATE BANK (WINDOM, MN). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3358

FDIC Certificate

13383

FDIC FIN

4505

Bank name

STATE BANK OF SPRINGFIELD

Location

SPRINGFIELD, MN

Failure date

1992-07-17

FDIC resolution date

1992-07-17

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.)

$0M

Deposits at failure

$28M

Assets at failure

$30M

Acquiring bank

SOUTHWEST STATE BANK (WINDOM, MN)