Number of Banks Failed in year 1940

43


* Dollar amounts in thousands
# Institution Location Date Closed Deposits Assets Estimated Loss
1 GUARANTY BOND STATE BANK NORTH ZULCH, TX 1940-01-04 119 169 N/A
2 THE CITIZENS STATE BANK OF NIANGUA NIANGUA, MO 1940-01-12 119 143 N/A
3 INTEGRITY TRUST COMPANY PHILADELPHIA, PA 1940-01-13 29362 0 N/A
4 BANKERS TRUST COMPANY ATLANTIC CITY, NJ 1940-02-01 986 2131 N/A
5 WOODCLIFF TRUST COMPANY NORTH BERGEN, NJ 1940-02-03 1492 0 N/A
6 BANK OF BROCTON BROCTON, NY 1940-02-24 444 0 N/A
7 THE NATIONAL BANK OF WESTFIELD WESTFIELD, NY 1940-02-24 1611 0 N/A
8 HARTFORD SAVINGS BANK AND TRUST COMPANY WHITE RIVER JUNCTION, VT 1940-03-09 352 0 N/A
9 EUGENE STATE BANK EUGENE, MO 1940-03-13 106 128 N/A
10 THE SWEDESBORO NATIONAL BANK SWEDESBORO, NJ 1940-03-16 680 0 N/A
11 FARMERS BANK DRY RIDGE, KY 1940-03-23 286 363 N/A
12 THE FIRST NATIONAL BANK OF WENATCHEE WENATCHEE, WA 1940-03-26 1548 0 N/A
13 BLAIRSVILLE SAVINGS AND TRUST COMPANY BLAIRSVILLE, PA 1940-04-04 1390 1821 N/A
14 FIRST TRUST & DEPOSIT COMPANY SYRACUSE, NY 1940-04-06 48256 0 N/A
15 BALDWINSVILLE STATE BANK BALDWINSVILLE, NY 1940-04-06 807 0 N/A
16 BANK OF REEDER REEDER, ND 1940-04-17 125 0 N/A
17 ASHLEY STATE BANK ASHLEY, ND 1940-04-18 172 247 N/A
18 FIRST STATE BANK WISHEK, ND 1940-04-18 113 136 N/A
19 BANK OF MORELAND MORELAND, KY 1940-04-19 124 142 N/A
20 THE RYE NATIONAL BANK RYE, NY 1940-04-20 3358 0 N/A
21 THE FIRST NATIONAL BANK OF HARRISON HARRISON, NY 1940-04-20 1924 0 N/A
22 THE FIRST NATIONAL BANK OF BALLY BALLY, PA 1940-04-27 619 0 N/A
23 MACKEY STATE BANK MACKEY, IN 1940-05-09 25 40 N/A
24 THE SOUTHAMPTON BANK SOUTHAMPTON, NY 1940-06-08 1274 0 N/A
25 FIRST STATE BANK OF STONEWALL STONEWALL, OK 1940-06-13 147 143 N/A
26 FIRST STATE BANK OF SCOTCH PLAINS SCOTCH PLAINS, NJ 1940-06-22 612 0 N/A
27 THE WESTFIELD TRUST COMPANY WESTFIELD, NJ 1940-06-22 4668 0 N/A
28 THE LUCERNE STATE BANK LUCERNE, IN 1940-06-22 166 195 N/A
29 WAUSHARA COUNTY BANK PLAINFIELD, WI 1940-06-25 267 0 N/A
30 KANE TRUST AND SAVINGS BANK KANE, PA 1940-07-02 717 915 N/A
31 CHASEBURG STATE BANK CHASEBURG, WI 1940-07-13 341 0 N/A
32 MOUNT PLEASANT BANK & TRUST CO. PLEASANTVILLE, NY 1940-07-20 2137 0 N/A
33 THE CLAXTON STATE BANK CLAXTON, GA 1940-07-20 162 223 N/A
34 BANK OF WILLIAMSVILLE WILLIAMSVILLE, NY 1940-07-27 1775 0 N/A
35 BADGER STATE BANK BADGER, SD 1940-08-03 53 74 N/A
36 MT. UNION STATE BANK MT. UNION, IA 1940-08-24 179 0 N/A
37 FIRST CITIZENS BANK & TRUST CO. OF UTICA UTICA, NY 1940-09-14 34277 0 N/A
38 THE BANK OF LESLIE LESLIE, GA 1940-09-18 113 141 N/A
39 SAVINGS BANK OF NANTICOKE NANTICOKE, MD 1940-10-04 159 190 N/A
40 BANK OF EAGLE EAGLE, WI 1940-10-25 387 457 N/A
41 THE FIRST NATIONAL BANK OF BURLINGAME BURLINGAME, KS 1940-11-19 256 301 N/A
42 THE STATE EXCHANGE BANK HOLLEY, NY 1940-11-23 986 0 N/A
43 THE AMERICAN NAT BK OF SANTA MONICA SANTA MONICA, CA 1940-12-04 1078 0 N/A

     
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US Bank Failures Since 1934
FDIC Bank Failures since 1990


Cost of Bank Failures to FDIC


Total Deposits of All Banks Insured by FDIC since 1990


Cost of Bank Failures to FDIC

The Federal Deposit Insurance Corporation is an independent federal agency created in 1933 to promote public confidence and stability in the nation's banking system. The FDIC is often appointed as receiver for failed banks.

What is a bank failure?
A bank failure is the closing of a bank by a federal or state banking regulatory agency. Generally, a bank is closed when it is unable to meet its obligations to depositors and others. This brochure deals with the failure of "insured banks." The term "insured bank" means a bank insured by FDIC, including banks chartered by the federal government as well as most banks chartered by the state governments. An insured bank must display an official FDIC sign at each teller window.

What is FDIC's role in a bank failure?
In the event of a bank failure, the FDIC acts in two capacities. First, as the insurer of the bank's deposits, the FDIC pays insurance to the depositors up to the insurance limit. Second, the FDIC, as the "Receiver" of the failed bank, assumes the task of selling/collecting the assets of the failed bank and settling its debts, including claims for deposits in excess of the insured limit.



What is the purpose of FDIC deposit insurance?
The FDIC protects depositors' funds in the unlikely event of the financial failure of their bank or savings institution. FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing.

What is the FDIC insurance amount?
The standard insurance amount is $250,000 per depositor, per insured bank, for each ownership category. This includes principal and accrued interest and applies to all depositors of an insured bank. Deposits in separate branches of an insured bank are not separately insured. Deposits in one insured bank are insured separately from deposits in another insured bank. Deposits maintained in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $250,000 at one insured bank and still be fully insured. For more information on deposit insurance coverage, see the FDIC's brochure "Your Insured Deposits" which can be accessed at www.fdic.gov/deposit/deposits/insured

Who does the FDIC insure?
Any person or entity can have FDIC insurance on a deposit. A depositor does not have to be a citizen, or even a resident of the United States. FDIC insurance only protects depositors, although some depositors may also be creditors or shareholders of an insured bank.

What does FDIC deposit insurance cover?
FDIC insurance covers deposits received at an insured bank. Types of deposit products include checking, NOW, and savings accounts, money market deposit accounts (MMDA), and time deposits such as certificates of deposit (CDs).

What is the source of funding used by the FDIC to pay insured depositors of a failed bank?
The FDIC's deposit insurance fund consists of premiums already paid by insured banks and interest earnings on its investment portfolio of U.S. Treasury securities. No federal or state tax revenues are involved.

How am I notified when my bank has been closed?
The FDIC notifies each depositor in writing using the depositor's address on record with the bank. This notification is mailed immediately after the bank closes. When the failed bank is acquired by another bank; the assuming bank also notifies the depositors. This notification usually is mailed with the first bank statement after the assumption.


Source :  Federal Deposit Insurance Corporation


Notes :

* The Cost to DIF of $2.5 billion for "California National Bank" failed on 30th October,2009 is the total cost for all the 9 banks failed on that.