Data / Bank failures / 1991 / Ludington FSB
Ludington FSB, Ludington, MI: failed May 17, 1991
Ludington FSB in Ludington, Michigan, failed on May 17, 1991. Northwestern SB&T of Traverse City, MI, took over its deposits. It held $34.2 million in assets and $33.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $806,591 (2.4% of its assets). By assets it was the 196th largest of 271 banks closed or assisted in 1991.
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The FDIC's record
- Closed
- May 17, 1991
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Northwestern SB&T, Traverse City, MI
- Total assets
- $34,190,000
- Total deposits
- $33,661,000
- Estimated cost to the FDIC
- $806,591 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 29795
Other bank failures in Michigan, 1989 to 1993
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First FS & La | Pontiac | October 16, 1991 | $917 million | $558.6 million | $34.3 million | |
| New Guaranty Fed. S & L Assoc. | Taylor | July 27, 1989 | $212.5 million | $192.5 million | $7.9 million | National Bank of Detroit |
| Peoples Savings Assoc. | ST. Joseph | March 9, 1989 | $107.3 million | $109.4 million | $4,851 | Peoples SB |
All bank failures in 1991 · All bank failures in Michigan · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.