Bank failure · MN

Biwabik State Bank (Biwabik, MN) — failed August 26, 1988

Biwabik State Bank of Biwabik, Minnesota was closed on August 26, 1988 and resolved through a purchase and assumption. First National Bank (MN) took over its insured deposits. At failure it held $3.2M in assets and $3.2M in deposits. The FDIC's estimated loss on the failure is $451K (13.9% of assets).