Data / Bank failures / 1940 / First State Bank of Scotch Plains
First State Bank of Scotch Plains, Scotch Plains, NJ: failed June 22, 1940
First State Bank of Scotch Plains in Scotch Plains, New Jersey, failed on June 22, 1940. It held $612,000 in deposits.
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The FDIC's record
- Closed
- June 22, 1940
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Total deposits
- $612,000
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
Other bank failures in New Jersey, 1938 to 1942
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| The Haddonfield National Bank | Haddonfield | February 28, 1942 | $2.7 million | |||
| The Westfield Trust Company | Westfield | June 22, 1940 | $4.7 million | |||
| The Swedesboro National Bank | Swedesboro | March 16, 1940 | $680,000 | |||
| Woodcliff Trust Company | North Bergen | February 3, 1940 | $1.5 million | |||
| Bankers Trust Company | Atlantic City | February 1, 1940 | $2.1 million | $986,000 | ||
| The Tuckerton Bank | Tuckerton | December 27, 1939 | $735,000 | $624,000 | ||
| The Egg Harbor Commercial Bank | Egg Harbor City | October 7, 1939 | $865,000 | |||
| Kearny National Bank | Kearny | June 30, 1939 | $3.1 million |
All bank failures in 1940 · All bank failures in New Jersey · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.