Data / Bank failures / 1987 / People's State Bank of Mazeppa
People's State Bank of Mazeppa, Mazeppa, MN: failed August 21, 1987
People's State Bank of Mazeppa in Mazeppa, Minnesota, failed on August 21, 1987. First State Bank of Red of Red Wing, MN, took over its deposits. It held $21.6 million in assets and $20.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4.9 million (22.5% of its assets). By assets it was the 140th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- August 21, 1987
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- First State Bank of Red, Red Wing, MN
- Total assets
- $21,613,000
- Total deposits
- $20,186,000
- Estimated cost to the FDIC
- $4,867,319 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 9753
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 |
All bank failures in 1987 · 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.