Bank Failure
First State Bank
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Closed November 1, 1937 · Center, ND .
- Closing date
- November 1, 1937
- Headquarters
- Center, ND
- Total assets at closing
- $80K
- Total deposits at closing
- $52K
- 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 November 1, 1937, regulators closed First State Bank, headquartered in Center, ND. At closing, the institution held approximately $80K in assets and $52K 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 46th of 75 in 1937. 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 State Bank fail?
First State Bank was closed by regulators on November 1, 1937.
How big was First State Bank when it failed?
First State Bank had approximately $80K in total assets and $52K in deposits at the time of failure.
Other failures in 1937
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1937 | First Nat BK & TR Co. of Manhasset | — |
| Dec 17, 1937 | Big Falls State Bank | $103K |
| Dec 2, 1937 | Nevada Trust Company | $242K |
| Dec 2, 1937 | Peoples United Bank | — |
| Nov 30, 1937 | Sterling State Bank | $121K |
| Nov 27, 1937 | Loganville State Bank | — |
| Nov 24, 1937 | First State Bank of Cobden | — |
| Nov 19, 1937 | Bank of Swifton | $208K |
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