Data / Bank failures / 1988 / First FS&LA of Grand Rapids
First FS&LA of Grand Rapids, Grand Rapids, MN: received FDIC assistance August 26, 1988
First FS&LA of Grand Rapids in Grand Rapids, Minnesota, received open bank assistance from the FDIC on August 26, 1988. It held $105.9 million in assets and $96.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $44.6 million (42.1% of its assets). By assets it was the 184th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- August 26, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- First FS&LA of Brainerd, Brainerd, MN
- Total assets
- $105,887,000
- Total deposits
- $96,938,000
- Estimated cost to the FDIC
- $44,577,390 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 30868
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 FS&LA of Brainerd took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| First FS&LA of Hibbing (assistance) | Hibbing | MN | August 26, 1988 | $47.3 million | $67.2 million | $32.2 million | First FS&LA of Brainerd |
| First FS&LA of Brainerd (assistance) | Brainerd | MN | August 26, 1988 | $86.6 million | $104.2 million | $54.4 million | First FS&LA of Brainerd |
All bank failures in 1988 · All bank failures in Minnesota · Every failed bank First FS&LA of Brainerd 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.