Bank failure · MN

State Bank of Morgan (Morgan, MN) — failed March 18, 1988

State Bank of Morgan of Morgan, Minnesota was closed on March 18, 1988 and resolved through a purchase and assumption. Farmers&merchants Stb Sp (MN) took over its insured deposits. At failure it held $20.3M in assets and $20.0M in deposits. The FDIC's estimated loss on the failure is $2.2M (11.0% of assets).