Data / Bank failures / 1984 / State Bank of Boyd
State Bank of Boyd, Boyd, MN: failed October 24, 1984
State Bank of Boyd in Boyd, Minnesota, failed on October 24, 1984. State Bank of Madison of Madison, MN, took over its deposits. It held $7.1 million in assets and $6.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.8 million (40% of its assets). By assets it was the 94th largest of 106 banks closed or assisted in 1984.
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The FDIC's record
- Closed
- October 24, 1984
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- State Bank of Madison, Madison, MN
- Total assets
- $7,117,000
- Total deposits
- $6,221,000
- Estimated cost to the FDIC
- $2,846,614 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 16646
Other bank failures in Minnesota, 1982 to 1986
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Lakeland State Bank | Pequot Lakes | December 19, 1986 | $49.4 million | $49.1 million | $7 million | Northern NB of Bemidji |
| First National Bank of Stewartville | Stewartville | December 4, 1986 | $18.5 million | $18.3 million | $979,775 | Marquette Bank Rochester |
| Chokio State Bank | Chokio | November 7, 1986 | $11.9 million | $11 million | $4.9 million | First State Bank Chokio |
| Farmers State Bank of Clarissa | Clarissa | July 11, 1986 | $17.9 million | $16.8 million | $7.3 million | First STB of Rush City |
| Farmers & Merchants ST BK of Lamberton | Lamberton | March 14, 1986 | $17.1 million | $16.2 million | $3.6 million | American Bank Mankato |
| State Bank of Frost | Frost | December 20, 1985 | $7.7 million | $6.6 million | $2 million | Frost State Bank |
| Midland FS&LA (assistance) | Moorhead | December 2, 1985 | $38 million | $40.9 million | $48.9 million | Midland FS&LA |
| Farmers State Bank of Kanaranzi | Kanaranzi | October 18, 1985 | $3.9 million | $3.8 million | $997,195 | Citizens STB of Silver L |
All bank failures in 1984 · 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.