Data / Bank failures / 1989 / Midwest Federal Savings
Midwest Federal Savings, Minneapolis, MN: failed February 13, 1989
Midwest Federal Savings in Minneapolis, Minnesota, failed on February 13, 1989. It held $3.26 billion in assets and $2.24 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $754.8 million (23.2% of its assets). By assets it was the 9th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- February 13, 1989
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- None, NA
- Total assets
- $3,255,576,000
- Total deposits
- $2,238,263,000
- Estimated cost to the FDIC
- $754,794,199 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 30540
Other bank failures in Minnesota, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
All bank failures in 1989 · 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.