Data / Bank failures / 1988 / Citizens State Bank
Citizens State Bank, Hayfield, MN: received FDIC assistance January 27, 1988
Citizens State Bank in Hayfield, Minnesota, received open bank assistance from the FDIC on January 27, 1988. It held $28 million in assets and $28.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $783,034 (2.8% of its assets). By assets it was the 344th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- January 27, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Citizens State Bank, Hayfield, MN
- Total assets
- $28,012,000
- Total deposits
- $28,650,000
- Estimated cost to the FDIC
- $783,034 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 10957
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 Citizens State Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Citizens State Bank (assistance) | Princeton | TX | December 10, 1992 | $12.9 million | $12.8 million | $246,897 | Citizens State Bank |
| Burleson County Savings Assoc. | Caldwell | TX | May 31, 1991 | $31.5 million | $32 million | $7.4 million | Citizens State Bank |
| Peoples National Bank | Caldwell | TX | June 21, 1990 | $9.6 million | $10.8 million | $3.2 million | Citizens State Bank |
| First-Taylor National Bank | Taylor | TX | May 17, 1990 | $74 million | $79.8 million | $10.9 million | Citizens State Bank |
| First State Bank | Deanville | TX | April 20, 1989 | $9.4 million | $9.3 million | $1.3 million | Citizens State Bank |
| Commercial State Bank | Pocahontas | IA | June 27, 1986 | $47.9 million | $42.9 million | $9.9 million | Citizens State Bank |
| The First National Bank of Gorman | Gorman | TX | February 27, 1986 | $14.5 million | $13.6 million | $5.7 million | Citizens State Bank |
All bank failures in 1988 · All bank failures in Minnesota · Every failed bank Citizens State Bank took over · 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.