Data / Bank failures / 1990 / Fairmont Federal Savings Assoc.
Fairmont Federal Savings Assoc., Fairmont, MN: failed February 9, 1990
Fairmont Federal Savings Assoc. in Fairmont, Minnesota, failed on February 9, 1990. First Farmers & Merchant NB of Fairmont, MN, took over its deposits. It held $46 million in assets and $46.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.3 million (2.8% of its assets). By assets it was the 231st largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- February 9, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- First Farmers & Merchant NB, Fairmont, MN
- Total assets
- $45,966,000
- Total deposits
- $46,392,000
- Estimated cost to the FDIC
- $1,304,470 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 28205
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. |
| 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 |
| 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.