Bank failure · MN

State Bank of Springfield (Springfield, MN) — failed July 17, 1992

State Bank of Springfield of Springfield, Minnesota was closed on July 17, 1992 and resolved through a purchase and assumption. Southwest State Bank (MN) took over its insured deposits. At failure it held $30.3M in assets and $28.5M in deposits. The FDIC's estimated loss on the failure is $127K (0.4% of assets).