Bank failure · MN

First Trust Bank of Lakefield (Lakefield, MN) — failed May 31, 1985

First Trust Bank of Lakefield of Lakefield, Minnesota was closed on May 31, 1985 and resolved through a insured deposit transfer. Fulda State Bank (MN) took over its insured deposits. At failure it held $24.3M in assets and $22.1M in deposits. The FDIC's estimated loss on the failure is $9.4M (38.9% of assets).