Bank Failure
BANK OF NEWPORT
Closed August 12, 1994 · NEWPORT BEACH, CA · FDIC Cert #20637.
- Closing date
- August 12, 1994
- Headquarters
- NEWPORT BEACH, CA
- FDIC Certificate
- 20637
- Total assets at closing
- $167,802,000
- Total deposits at closing
- $161,785,000
- Estimated loss to DIF
- $28,711,000
- Resolution type
- other
- Acquirer
- UNION BANK (FDIC Cert #4616)
Context
On August 12, 1994, regulators closed BANK OF NEWPORT, headquartered in NEWPORT BEACH, CA. At closing, the institution held approximately $167,802,000 in assets and $161,785,000 in deposits. The FDIC arranged a resolution under which UNION BANK acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $28,711,000.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Other failures in 1994
| Date | Bank | HQ | Assets |
|---|---|---|---|
| 1994-12-16 | CORNERSTONE BANK FSB | MISSION VIEJO, CA | $44,345,000 |
| 1994-10-21 | LUDLOW SAVINGS BANK | LUDLOW, MA | $222,671,000 |
| 1994-08-26 | CAPITAL BANK | DOWNEY, CA | $76,892,000 |
| 1994-07-29 | COMMERCE BANK | NEWPORT BEACH, CA | $142,315,000 |
| 1994-07-29 | WESTERN COMMUNITY BANK | CORONA, CA | $54,013,000 |
| 1994-07-15 | BANK OF SAN PEDRO | LOS ANGELES, CA | $132,636,000 |
| 1994-07-08 | PIONEER BANK | FULLERTON, CA | $133,250,000 |
| 1994-07-07 | THE MERIDEN TRUST AND SAFE DEPOSIT | MERIDEN, CT | $3,203,000 |
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