Data / Bank failures / 1992 / State Bank of Springfield
State Bank of Springfield, Springfield, MN: failed July 17, 1992
State Bank of Springfield in Springfield, Minnesota, failed on July 17, 1992. Southwest State Bank of Windom, MN, took over its deposits. It held $30.3 million in assets and $28.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $127,067 (0.4% of its assets). By assets it was the 149th largest of 181 banks closed or assisted in 1992.
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The FDIC's record
- Closed
- July 17, 1992
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Southwest State Bank, Windom, MN
- Total assets
- $30,267,000
- Total deposits
- $28,464,000
- Estimated cost to the FDIC
- $127,067 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 13383
Other bank failures in Minnesota, 1990 to 1994
| 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 |
All bank failures in 1992 · All bank failures in Minnesota · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.