Bank Failure
Balboa National Bank
BankRegReports is independent of Balboa National Bank and never asks for online banking logins or passwords.
Closed January 14, 1988 · National City, CA · FDIC Cert #24333.
- Closing date
- January 14, 1988
- Headquarters
- National City, CA
- FDIC Certificate
- 24333
- Total assets at closing
- $29.3M
- Total deposits at closing
- $29.4M
- Estimated loss to the insurance fund
- $6.4M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
Context
On January 14, 1988, regulators closed Balboa National Bank, headquartered in National City, CA. At closing, the institution held approximately $29.3M in assets and $29.4M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the FDIC insurance fund was approximately $6.4M.
By assets at closing this is the 2068th largest of the 3,526 bank failures in the FDIC record, and the 125th of 232 in 1988. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Balboa National Bank fail?
Balboa National Bank was closed by regulators on January 14, 1988.
How big was Balboa National Bank when it failed?
Balboa National Bank had approximately $29.3M in total assets and $29.4M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
Explore: all failures · CA bank events · 1988 events · events hub