Bank failure · MN

Fairmont Federal Savings Assoc. (Fairmont, MN) — failed February 9, 1990

Fairmont Federal Savings Assoc. of Fairmont, Minnesota was closed on February 9, 1990 and resolved through a purchase and assumption. First Farmers & Merchant Nb (MN) took over its insured deposits. At failure it held $46.0M in assets and $46.4M in deposits. The FDIC's estimated loss on the failure is $1.3M (2.8% of assets).