Bank Failure
The State Exchange Bank
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Closed November 23, 1940 · Holley, NY .
- Closing date
- November 23, 1940
- Headquarters
- Holley, NY
- Total deposits at closing
- $986K
- 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 23, 1940, regulators closed The State Exchange Bank, headquartered in Holley, NY. 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 The State Exchange Bank fail?
The State Exchange Bank was closed by regulators on November 23, 1940.
Other failures in 1940
| Date | Bank | Assets |
|---|---|---|
| Dec 4, 1940 | The American Nat BK of Santa Monica | — |
| 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 | — |
| Aug 3, 1940 | Badger State Bank | $74K |
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