Bank Failure
Central Savings Bank
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Closed June 22, 1938 · Newport, KY .
- Closing date
- June 22, 1938
- Headquarters
- Newport, KY
- Total deposits at closing
- $1.4M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
Context
On June 22, 1938, regulators closed Central Savings Bank, headquartered in Newport, KY. The FDIC record does not name an acquiring institution.
The FDIC record for 1938 holds 74 failures. It falls in the period the record labels Early FDIC Era (1934-1944), a period with 397 failures peaking at 75 in 1937.
FDIC's first decade after the 1933 Banking Act. Failures fell sharply once deposit insurance restored confidence.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Central Savings Bank fail?
Central Savings Bank was closed by regulators on June 22, 1938.
Other failures in 1938
| Date | Bank | Assets |
|---|---|---|
| Dec 31, 1938 | The Harford Bank | $893K |
| Dec 31, 1938 | Farmers State Bank | $51K |
| Dec 21, 1938 | Farmers State Bank of London | $355K |
| Dec 17, 1938 | Boiling Springs State Bank | — |
| Dec 14, 1938 | Coleman State Bank | — |
| Dec 3, 1938 | The National City Bank of Lynn | — |
| Nov 26, 1938 | The Bank of Cuba | $89K |
| Nov 26, 1938 | Farmers State Bank of Anamoose | $62K |
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