Bank Failure
First State Bank of O'Fallon
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Closed August 28, 1939 · O'Fallon, IL .
- Closing date
- August 28, 1939
- Headquarters
- O'Fallon, IL
- Total assets at closing
- $50K
- Total deposits at closing
- $102K
- 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 28, 1939, regulators closed First State Bank of O'Fallon, headquartered in O'Fallon, IL. At closing, the institution held approximately $50K in assets and $102K in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 3365th largest of the 3,526 bank failures in the FDIC record, and the 31st 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 of O'Fallon fail?
First State Bank of O'Fallon was closed by regulators on August 28, 1939.
How big was First State Bank of O'Fallon when it failed?
First State Bank of O'Fallon had approximately $50K in total assets and $102K 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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