Recommissioned on 18 September 1940 and assigned to Division 52, "S-32" conducted trials out of New London through November and, in December, proceeded to the Panama Canal Zone, whence she operated until April 1941. She then returned to New London but, toward the end of April, moved south again, to Bermuda. Through May, she patrolled and conducted training exercises out of the base at St. George, Bermuda, that had been acquired in the Destroyers for Bases Agreement of 2 September 1940.