Bank failure · MN
Boundary Waters State Bank (Ely, MN) — failed November 30, 1990
Boundary Waters State Bank of Ely, Minnesota was closed on November 30, 1990 and resolved through a purchase and assumption. Stearns County National Ban (MN) took over its insured deposits. At failure it held $13.4M in assets and $13.4M in deposits. The FDIC's estimated loss on the failure is $1.5M (10.9% of assets).
- Closing date
- November 30, 1990
- FDIC certificate #
- 22690
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Stearns County National Ban
- Insurance fund
- BIF
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