Data / Bank failures / 1988 / Biwabik State Bank
Biwabik State Bank, Biwabik, MN: failed August 26, 1988
Biwabik State Bank in Biwabik, Minnesota, failed on August 26, 1988. First National Bank of Keewatin, MN, took over its deposits. It held $3.2 million in assets and $3.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $450,634 (13.9% of its assets). By assets it was the 469th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- August 26, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First National Bank, Keewatin, MN
- Total assets
- $3,238,000
- Total deposits
- $3,227,000
- Estimated cost to the FDIC
- $450,634 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 17163
Other bank failures in Minnesota, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Boundary Waters State Bank | Ely | November 30, 1990 | $13.4 million | $13.4 million | $1.5 million | Stearns County National Ban |
| United Savings Bank, FSB | Windom | May 11, 1990 | $161.5 million | $133.2 million | $43.8 million | |
| Lakeland Savings Bank FSB | Detroit Lakes | March 16, 1990 | $79.6 million | $80.6 million | $24.8 million | First Security State Bank |
| Fairmont Federal Savings Assoc. | Fairmont | February 9, 1990 | $46 million | $46.4 million | $1.3 million | First Farmers & Merchant NB |
| The Lee State Bank | Browerville | November 9, 1989 | $13.4 million | $13.5 million | $2.7 million | First National Bank of Long |
| Midwest Federal Savings | Minneapolis | February 13, 1989 | $3.26 billion | $2.24 billion | $754.8 million | |
| Watson State Bank | Watson | September 30, 1988 | $13.7 million | $12.9 million | $5.1 million | Minnwest Bank Montevideo |
| Peoples S&LA (assistance) | Owantonna | August 26, 1988 | $210.8 million | $203.7 million | $35.5 million | Metropolitan Fed BK FSB |
Other failed banks First National Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| The First State Bank of Regent | Regent | ND | February 22, 1990 | $9.7 million | $9.5 million | $2.9 million | First National Bank |
| Alliance Bank, N.A. (assistance) | Oklahoma City | OK | November 16, 1988 | $8.9 million | $11.9 million | $4.1 million | First National Bank |
| Marshall County Bank | Britton | SD | August 19, 1988 | $10.7 million | $9.4 million | $229,170 | First National Bank |
| Unity Bank | Dayton | OH | April 22, 1988 | $7.1 million | $6.7 million | $1.9 million | First National Bank |
| The Talmage State Bank | Talmage | KS | September 17, 1987 | $6.7 million | $6.7 million | $1.3 million | First National Bank |
All bank failures in 1988 · All bank failures in Minnesota · Every failed bank First National Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.