Bank Failure

First Bank of Flaxton

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Closed August 31, 1938 · Flaxton, ND .

Closing date: August 31, 1938
Headquarters: Flaxton, ND
Total assets at closing: $80K
Total deposits at closing: $53K
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 August 31, 1938, regulators closed First Bank of Flaxton, headquartered in Flaxton, ND. At closing, the institution held approximately $80K in assets and $53K in deposits. The FDIC record does not name an acquiring institution.

By assets at closing this is the 3334th largest of the 3,526 bank failures in the FDIC record, and the 39th of 74 in 1938. 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 First Bank of Flaxton fail?

First Bank of Flaxton was closed by regulators on August 31, 1938.

How big was First Bank of Flaxton when it failed?

First Bank of Flaxton had approximately $80K in total assets and $53K in deposits at the time of failure.

Other failures in 1938

Date	Bank	HQ	Assets
Dec 31, 1938	The Harford Bank	Bel Air, MD	$893K
Dec 31, 1938	Farmers State Bank	Canton, WI	$51K
Dec 21, 1938	Farmers State Bank of London	London, KY	$355K
Dec 17, 1938	Boiling Springs State Bank	Boiling Springs, PA	—
Dec 14, 1938	Coleman State Bank	Coleman, WI	—
Dec 3, 1938	The National City Bank of Lynn	Lynn, MA	—
Nov 26, 1938	The Bank of Cuba	Cuba, AL	$89K
Nov 26, 1938	Farmers State Bank of Anamoose	Anamoose, ND	$62K

All 1938 events ›

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