Bank Failure
The Claxton State Bank
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Closed July 20, 1940 · Claxton, GA .
- Closing date
- July 20, 1940
- Headquarters
- Claxton, GA
- Total assets at closing
- $223K
- Total deposits at closing
- $162K
- 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 July 20, 1940, regulators closed The Claxton State Bank, headquartered in Claxton, GA. At closing, the institution held approximately $223K in assets and $162K in deposits. The FDIC record does not name an acquiring institution.
By assets at closing this is the 3229th largest of the 3,526 bank failures in the FDIC record, and the 8th of 43 in 1940. 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 The Claxton State Bank fail?
The Claxton State Bank was closed by regulators on July 20, 1940.
How big was The Claxton State Bank when it failed?
The Claxton State Bank had approximately $223K in total assets and $162K in deposits at the time of failure.
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 24, 1940 | MT. Union State Bank | — |
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