Bank Failure
First State Bank
Closed January 9, 1939 · Elgin, TX .
- Closing date
- January 9, 1939
- Headquarters
- Elgin, TX
- Total assets at closing
- $347K
- Total deposits at closing
- $287K
- Estimated loss to DIF
- Not published (the FDIC feed carries no estimate for this failure)
- Resolution
- Failure (closed by regulators)
Context
On January 9, 1939, regulators closed First State Bank, headquartered in Elgin, TX. At closing, the institution held approximately $347K in assets and $287K in deposits. The FDIC resolved the institution without a single-acquirer transaction.
By assets at closing this is the 3192nd largest of the 3,526 bank failures in the FDIC record, and the 12th of 60 in 1939. 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 January 9, 1939.
How big was First State Bank when it failed?
First State Bank had approximately $347K in total assets and $287K in deposits at the time of failure.
Other failures in 1939
| Date | Bank | Assets |
|---|---|---|
| Dec 27, 1939 | The Tuckerton Bank | $735K |
| Dec 11, 1939 | Maynardville State Bank | $218K |
| Dec 6, 1939 | The State Bank of Liebenthal | $60K |
| Dec 4, 1939 | The Yonkers National Bank & Trust Co. | — |
| Nov 25, 1939 | Commercial Bank of Liberty | $548K |
| Nov 25, 1939 | The Farmers State Bank | — |
| Oct 7, 1939 | The Egg Harbor Commercial Bank | — |
| Oct 3, 1939 | Security State Bank | $121K |
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