74 failures · $13.9 million in assets
Bank failures in 1938
74 insured banks failed in 1938, down from 75 in 1937. Together they reported $13.9 million in assets, with no estimated loss recorded. The largest was Winooski Savings Bank of Winooski, Vermont, at $4.0 million. South Dakota led with 12 failures, ahead of Wisconsin with 7.
Week by week
- $1 billion or more
- $100 million to $1 billion
- under $100 million
Where they failed
Failures by state in 1938: South Dakota 12, Wisconsin 7, North Dakota 7, Missouri 6, Kentucky 5, Arkansas 3, North Carolina 3, Tennessee 3, Iowa 3, New Jersey 3, Maryland 3, Illinois 2 and others.
Explore
Filter and sort the 1938 failures by state, size or loss. Other years: 1937 · 1939.
| Closed | Bank | Location | Total assets | Est. loss |
|---|---|---|---|---|
| January 11, 1938 | Worthville Deposit Bank | Worthville, KY | $141 thousand | not estimated |
| January 19, 1938 | Bank of Decatur | Decatur, AR | $97 thousand | not estimated |
| January 21, 1938 | First State Bank of Wolsey | Wolsey, SD | $123 thousand | not estimated |
| January 22, 1938 | The Woodman State Bank | Woodman, WI | not reported | not estimated |
| January 26, 1938 | Belleville Bank & Trust Company | Belleville, IL | not reported | not estimated |
| January 28, 1938 | The Trout Creek State Bank | Trout Creek, MI | $46 thousand | not estimated |
| January 29, 1938 | The Bank of Fremont | Fremont, NC | not reported | not estimated |
| February 1, 1938 | Farmers Security Bank | Maywood, NE | $213 thousand | not estimated |
| February 1, 1938 | The First State Bank of Lathrop | Lathrop, MO | $163 thousand | not estimated |
| February 1, 1938 | Pollock State Bank | Pollock, SD | $103 thousand | not estimated |
| February 7, 1938 | Bank of Marion | Marion, AR | $639 thousand | not estimated |
| February 10, 1938 | Bank of Strafford | Strafford, MO | $136 thousand | not estimated |
| February 10, 1938 | The Briggsdale State Bank | Briggsdale, CO | $14 thousand | not estimated |
| February 10, 1938 | Peoples Bank & Trust Company | Sparta, TN | not reported | not estimated |
| February 12, 1938 | The First National Bank of Purdon | Purdon, TX | $63 thousand | not estimated |
| February 17, 1938 | Farmers Bank of Blackburn | Blackburn, MO | $79 thousand | not estimated |
| February 28, 1938 | State Bank of Surprise | Surprise, NE | $65 thousand | not estimated |
| March 2, 1938 | Citizens State Bank | Hartford, AR | $118 thousand | not estimated |
| March 3, 1938 | Bank of Northampton, Incorporated | Nassawadox, VA | not reported | not estimated |
| March 5, 1938 | Home Savings Bank | Des Moines, IA | not reported | not estimated |
| March 14, 1938 | First State Bank | Kulm, ND | $212 thousand | not estimated |
| March 18, 1938 | The Borden State Bank | Borden, IN | $165 thousand | not estimated |
| March 26, 1938 | Merchants' and Mechanics' Savings Bank of Norfolk | Norfolk, VA | not reported | not estimated |
| April 2, 1938 | Margate Trust Company | Margate City, NJ | $702 thousand | not estimated |
| April 9, 1938 | The First State Bank | Colfax, ND | $117 thousand | not estimated |
| April 9, 1938 | Bank of Ellenboro | Ellenboro, NC | not reported | not estimated |
| April 9, 1938 | The City National Bank of Harrisburg | Harrisburg, IL | not reported | not estimated |
| April 11, 1938 | Camden Safe Deposit & Trust Company | Camden, NJ | not reported | not estimated |
| April 11, 1938 | West Jersey Trust Company | Camden, NJ | not reported | not estimated |
| April 12, 1938 | First State Bank of Ipswich | Ipswich, SD | $210 thousand | not estimated |
| April 19, 1938 | Bank of Humboldt | Humboldt, SD | $194 thousand | not estimated |
| April 19, 1938 | First State Bank | Turtle Lake, ND | $186 thousand | not estimated |
| April 20, 1938 | Caroline State Bank | Caroline, WI | $168 thousand | not estimated |
| April 25, 1938 | State Bank of Irene | Irene, SD | $176 thousand | not estimated |
| May 14, 1938 | Sussex State Bank | Sussex, WI | not reported | not estimated |
| May 17, 1938 | Citizens State Bank of Andover | Andover, SD | $78 thousand | not estimated |
| May 19, 1938 | Farmers Savings Bank | Ankeny, IA | $186 thousand | not estimated |
| May 31, 1938 | German State Bank of Beulah | Beulah, ND | $122 thousand | not estimated |
| June 3, 1938 | Leopolis State Bank | Leopolis, WI | $205 thousand | not estimated |
| June 17, 1938 | Russell State Bank & Trust Company | Russell, IA | $217 thousand | not estimated |
| June 22, 1938 | Central Savings Bank | Newport, KY | not reported | not estimated |
| June 24, 1938 | The Bank of Ashe | Jefferson, NC | not reported | not estimated |
| July 1, 1938 | Commercial Bank of Maryland | Frederick, MD | not reported | not estimated |
| July 11, 1938 | Bank of Milburn | Milburn, KY | $79 thousand | not estimated |
| July 12, 1938 | Hudson State Bank | Hudson, SD | $254 thousand | not estimated |
| July 22, 1938 | Bethel Springs Bank | Bethel Springs, TN | not reported | not estimated |
| July 23, 1938 | Takoma Park Bank | Takoma Park, MD | not reported | not estimated |
| July 27, 1938 | Hutchinson County Bank | Parkston, SD | $273 thousand | not estimated |
| July 28, 1938 | Winooski Savings Bank | Winooski, VT | $4.0 million | not estimated |
| August 15, 1938 | State Bank of Rice Lake | Rice Lake, WI | $946 thousand | not estimated |
| August 16, 1938 | Bank of Highmore (Drew Bros.) | Highmore, SD | $109 thousand | not estimated |
| August 18, 1938 | The Farmers & Merchants Bank | Madison, MO | $119 thousand | not estimated |
| August 19, 1938 | Home Bank & Trust Company | Winchester, TN | $401 thousand | not estimated |
| August 24, 1938 | Hitchcock State Bank | Hitchcock, SD | $79 thousand | not estimated |
| August 31, 1938 | Jerauld County Bank | Wessington Springs, SD | $260 thousand | not estimated |
| August 31, 1938 | First Bank of Flaxton | Flaxton, ND | $80 thousand | not estimated |
| September 2, 1938 | First State Bank | Hewitt, MN | $135 thousand | not estimated |
| September 24, 1938 | Stockmens State Bank | Medora, ND | $87 thousand | not estimated |
| September 24, 1938 | The Saranac Lake National Bank | Saranac Lake, NY | not reported | not estimated |
| September 29, 1938 | First State Bank | Wilmot, SD | $165 thousand | not estimated |
| October 11, 1938 | Bank of Lockport | Lockport, KY | $68 thousand | not estimated |
| October 12, 1938 | Bank of Eton | Eton, GA | not reported | not estimated |
| November 1, 1938 | Kermit State Bank | Kermit, WV | $120 thousand | not estimated |
| November 3, 1938 | Fayette Bank | Fayette, MO | $348 thousand | not estimated |
| November 5, 1938 | Bank of Bellflower | Bellflower, MO | not reported | not estimated |
| November 26, 1938 | The Bank of Cuba | Cuba, AL | $89 thousand | not estimated |
| November 26, 1938 | Farmers State Bank of Anamoose | Anamoose, ND | $62 thousand | not estimated |
| November 26, 1938 | The First National Bank of Roosevelt | Roosevelt, NY | not reported | not estimated |
| December 3, 1938 | The National City Bank of Lynn | Lynn, MA | not reported | not estimated |
| December 14, 1938 | Coleman State Bank | Coleman, WI | not reported | not estimated |
| December 17, 1938 | Boiling Springs State Bank | Boiling Springs, PA | not reported | not estimated |
| December 21, 1938 | Farmers State Bank of London | London, KY | $355 thousand | not estimated |
| December 31, 1938 | The Harford Bank | Bel Air, MD | $893 thousand | not estimated |
| December 31, 1938 | Farmers State Bank | Canton, WI | $51 thousand | not estimated |