Bank Failure
Kermit State Bank
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Closed November 1, 1938 · Kermit, WV .
- Closing date
- November 1, 1938
- Headquarters
- Kermit, WV
- Total assets at closing
- $120K
- Total deposits at closing
- $67K
- 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, 1938, regulators closed Kermit State Bank, headquartered in Kermit, WV. At closing, the institution held approximately $120K in assets and $67K in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 3296th largest of the 3,526 bank failures in the FDIC record, and the 30th 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 Kermit State Bank fail?
Kermit State Bank was closed by regulators on November 1, 1938.
How big was Kermit State Bank when it failed?
Kermit State Bank had approximately $120K in total assets and $67K in deposits at the time of failure.
Other failures in 1938
| Date | Bank | Assets |
|---|---|---|
| Dec 31, 1938 | The Harford Bank | $893K |
| Dec 31, 1938 | Farmers State Bank | $51K |
| Dec 21, 1938 | Farmers State Bank of London | $355K |
| Dec 17, 1938 | Boiling Springs State Bank | — |
| Dec 14, 1938 | Coleman State Bank | — |
| Dec 3, 1938 | The National City Bank of Lynn | — |
| Nov 26, 1938 | The Bank of Cuba | $89K |
| Nov 26, 1938 | Farmers State Bank of Anamoose | $62K |
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