Data / Bank failures / 1986 / Lakeland State Bank
Lakeland State Bank, Pequot Lakes, MN: failed December 19, 1986
Lakeland State Bank in Pequot Lakes, Minnesota, failed on December 19, 1986. Northern NB of Bemidji of Bemidji, MN, took over its deposits. It held $49.4 million in assets and $49.1 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $7 million (14.2% of its assets). By assets it was the 78th largest of 204 banks closed or assisted in 1986.
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The FDIC's record
- Closed
- December 19, 1986
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Northern NB of Bemidji, Bemidji, MN
- Total assets
- $49,435,000
- Total deposits
- $49,145,000
- Estimated cost to the FDIC
- $7,013,157 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 1407
Other bank failures in Minnesota, 1984 to 1988
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| First FS&LA of Grand Rapids (assistance) | Grand Rapids | August 26, 1988 | $105.9 million | $96.9 million | $44.6 million | First FS&LA of Brainerd |
| First FS&LA of Hibbing (assistance) | Hibbing | August 26, 1988 | $47.3 million | $67.2 million | $32.2 million | First FS&LA of Brainerd |
| First FS&LA of Brainerd (assistance) | Brainerd | August 26, 1988 | $86.6 million | $104.2 million | $54.4 million | First FS&LA of Brainerd |
| Washington FSB of Stillwater (assistance) | Stillwater | August 26, 1988 | $295.8 million | $319.4 million | $165.3 million | Pioneer FS&LA |
| Biwabik State Bank | Biwabik | August 26, 1988 | $3.2 million | $3.2 million | $450,634 | First National Bank |
| The First National Bank of Blooming Prairi | Blooming Prairie | July 21, 1988 | $20 million | $20 million | $2.1 million | First Amn BK Blooming PR |
All bank failures in 1986 · 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.