Bank failure · MN

Lakeland State Bank (Pequot Lakes, MN) — failed December 19, 1986

Lakeland State Bank of Pequot Lakes, Minnesota was closed on December 19, 1986 and resolved through a purchase and assumption. Northern Nb of Bemidji (MN) took over its insured deposits. At failure it held $49.4M in assets and $49.1M in deposits. The FDIC's estimated loss on the failure is $7.0M (14.2% of assets).