Data / Bank failures / 1987 / Lanesboro State Bank
Lanesboro State Bank, Lanesboro, MN: failed June 26, 1987
Lanesboro State Bank in Lanesboro, Minnesota, failed on June 26, 1987. Goodhue Cnty NB of Red W of Red Wing, MN, took over its deposits. It held $11.4 million in assets and $11 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.3 million (20.4% of its assets). By assets it was the 208th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- June 26, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Goodhue Cnty NB of Red W, Red Wing, MN
- Total assets
- $11,391,000
- Total deposits
- $10,974,000
- Estimated cost to the FDIC
- $2,320,818 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 12190
Other bank failures in Minnesota, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| 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 |
Other failed banks Goodhue Cnty NB of Red W took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| The First Nat BK of Rushford | Rushford | MN | May 4, 1984 | $22 million | $21.4 million | $7.3 million | Goodhue Cnty NB of Red W |
All bank failures in 1987 · All bank failures in Minnesota · Every failed bank Goodhue Cnty NB of Red W 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.