Data / Bank failures / 1988 / State Bank of Morgan
State Bank of Morgan, Morgan, MN: failed March 18, 1988
State Bank of Morgan in Morgan, Minnesota, failed on March 18, 1988. FARMERS&MERCHANTS STB SP of Springfield, MN, took over its deposits. It held $20.3 million in assets and $20 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $2.2 million (11% of its assets). By assets it was the 381st largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- March 18, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- FARMERS&MERCHANTS STB SP, Springfield, MN
- Total assets
- $20,314,000
- Total deposits
- $19,995,000
- Estimated cost to the FDIC
- $2,225,893 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 1930
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 |
| 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 1988 · 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.