Data / Bank failures / 1938 / First State Bank
First State Bank, Wilmot, SD: failed September 29, 1938
First State Bank in Wilmot, South Dakota, failed on September 29, 1938. It held $165,000 in assets and $112,000 in deposits at its last report. By assets it was the 22nd largest of 74 banks closed or assisted in 1938.
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The FDIC's record
- Closed
- September 29, 1938
- Type
- Failure
- How it was resolved
- Payout: the FDIC paid insured depositors directly
- Total assets
- $165,000
- Total deposits
- $112,000
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
Other bank failures in South Dakota, 1936 to 1940
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Badger State Bank | Badger | August 3, 1940 | $74,000 | $53,000 | ||
| Jerauld County Bank | Wessington Springs | August 31, 1938 | $260,000 | $211,000 | ||
| Hitchcock State Bank | Hitchcock | August 24, 1938 | $79,000 | $54,000 | ||
| Bank of Highmore (drew Bros.) | Highmore | August 16, 1938 | $109,000 | $79,000 | ||
| Hutchinson County Bank | Parkston | July 27, 1938 | $273,000 | $215,000 | ||
| Hudson State Bank | Hudson | July 12, 1938 | $254,000 | $209,000 | ||
| Citizens State Bank of Andover | Andover | May 17, 1938 | $78,000 | $48,000 | ||
| State Bank of Irene | Irene | April 25, 1938 | $176,000 | $142,000 |
All bank failures in 1938 · All bank failures in South Dakota · 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.