Data / Bank failures / 1990 / Boundary Waters State Bank
Boundary Waters State Bank, Ely, MN: failed November 30, 1990
Boundary Waters State Bank in Ely, Minnesota, failed on November 30, 1990. Stearns County National Ban of Albany, MN, took over its deposits. It held $13.4 million in assets and $13.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.5 million (10.9% of its assets). By assets it was the 344th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- November 30, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Stearns County National Ban, Albany, MN
- Total assets
- $13,426,000
- Total deposits
- $13,413,000
- Estimated cost to the FDIC
- $1,460,020 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 22690
Other bank failures in Minnesota, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| State Bank of Springfield | Springfield | July 17, 1992 | $30.3 million | $28.5 million | $127,067 | Southwest State Bank |
| First FS & La of Thief River Falls | Thief River Falls | August 9, 1991 | $54.6 million | $55.5 million | $2.6 million | No. State BK of Thief Riv. |
| 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 |
All bank failures in 1990 · All bank failures in Minnesota · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. 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.