Bank Failure
The First State Bank
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Closed April 3, 2020 · Barboursville, WV · FDIC Cert #14361.
- Closing date
- April 3, 2020
- Headquarters
- Barboursville, WV
- FDIC Certificate
- 14361
- Total assets at closing
- $151.8M
- Total deposits at closing
- $143.1M
- Estimated loss to the insurance fund
- $43.7M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- MVB Bank, Inc
Context
On April 3, 2020, regulators closed The First State Bank, headquartered in Barboursville, WV. At closing, the institution held approximately $151.8M in assets and $143.1M in deposits. The FDIC record names MVB Bank, Inc as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $43.7M.
By assets at closing this is the 929th largest of the 3,526 bank failures in the FDIC record, and the 1st of 4 in 2020. It falls in the period the record labels Post-Dodd-Frank Calm (2014-2022), a period with 47 failures peaking at 18 in 2014.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did The First State Bank fail?
The First State Bank was closed by regulators on April 3, 2020.
Who acquired The First State Bank?
The FDIC record names MVB Bank, Inc as the acquiring institution in the resolution of The First State Bank.
How big was The First State Bank when it failed?
The First State Bank had approximately $151.8M in total assets and $143.1M in deposits at the time of failure.
Other failures in 2020
| Date | Bank | Assets |
|---|---|---|
| Oct 23, 2020 | Almena State Bank | $65.7M |
| Oct 16, 2020 | First City Bank of Florida | $136.6M |
| Feb 14, 2020 | Ericson State Bank | $100.9M |
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