Bank failure · MN
The First National Bank of Elbow Lake (Elbow Lake, MN) — failed May 14, 1987
The First National Bank of Elbow Lake of Elbow Lake, Minnesota was closed on May 14, 1987 and resolved through a purchase and assumption. First Nb of Fergus Falls (MN) took over its insured deposits. At failure it held $14.2M in assets and $15.7M in deposits. The FDIC's estimated loss on the failure is $7.7M (54.5% of assets).
- Closing date
- May 14, 1987
- FDIC certificate #
- 5135
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- First Nb of Fergus Falls
- Insurance fund
- FDIC
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