Bank Failure

First State Bank

Name: First State Bank Bank Failure
Start: 1938-09-02
End: 1938-09-02
Location: Hewitt, MN

Closed September 2, 1938 · Hewitt, MN .

Closing date: September 2, 1938
Headquarters: Hewitt, MN
Total assets at closing: $135K
Total deposits at closing: $112K
Estimated loss to DIF: Not published (the FDIC feed carries no estimate for this failure)
Resolution: Failure (closed by regulators)

Context

On September 2, 1938, regulators closed First State Bank, headquartered in Hewitt, MN. At closing, the institution held approximately $135K in assets and $112K in deposits. The FDIC resolved the institution without a single-acquirer transaction.

By assets at closing this is the 3282nd largest of the 3,524 bank failures in the FDIC record, and the 27th 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 State Bank fail?

First State Bank was closed by regulators on September 2, 1938.

How big was First State Bank when it failed?

First State Bank had approximately $135K in total assets and $112K 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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