Data / Bank failures / 1988 / Peoples S&LA
Peoples S&LA, Owantonna, MN: received FDIC assistance August 26, 1988
Peoples S&LA in Owantonna, Minnesota, received open bank assistance from the FDIC on August 26, 1988. It held $210.8 million in assets and $203.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $35.5 million (16.8% of its assets). By assets it was the 103rd largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- August 26, 1988
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Metropolitan Fed BK FSB, Fargo, ND
- Total assets
- $210,759,000
- Total deposits
- $203,719,000
- Estimated cost to the FDIC
- $35,509,880 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 31295
Other bank failures in Minnesota, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
Other failed banks Metropolitan Fed BK FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Mitchell Home S&LA (assistance) | Mitchell | SD | August 1, 1984 | $16.6 million | $18 million | Metropolitan Fed BK FSB |
All bank failures in 1988 · All bank failures in Minnesota · Every failed bank Metropolitan Fed BK FSB 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.