Bank Failure
MT. Union State Bank
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Closed August 24, 1940 · Mt. Union, IA .
- Closing date
- August 24, 1940
- Headquarters
- Mt. Union, IA
- Total deposits at closing
- $179K
- 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 24, 1940, regulators closed MT. Union State Bank, headquartered in Mt. Union, IA. The FDIC record does not name an acquiring institution.
The FDIC record for 1940 holds 43 failures. 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 MT. Union State Bank fail?
MT. Union State Bank was closed by regulators on August 24, 1940.
Other failures in 1940
| Date | Bank | Assets |
|---|---|---|
| Dec 4, 1940 | The American Nat BK of Santa Monica | — |
| Nov 23, 1940 | The State Exchange Bank | — |
| Nov 19, 1940 | The First National Bank of Burlingame | $301K |
| Oct 25, 1940 | Bank of Eagle | $457K |
| Oct 4, 1940 | Savings Bank of Nanticoke | $190K |
| Sep 18, 1940 | The Bank of Leslie | $141K |
| Sep 14, 1940 | First Citizens Bank & Trust Co. of Utica | — |
| Aug 3, 1940 | Badger State Bank | $74K |
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