Bank Failure
Bank of San Pedro
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Closed July 15, 1994 · Los Angeles, CA · FDIC Cert #21922.
- Closing date
- July 15, 1994
- Headquarters
- Los Angeles, CA
- FDIC Certificate
- 21922
- Total assets at closing
- $132.6M
- Total deposits at closing
- $128.3M
- Estimated loss to the insurance fund
- $28.8M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Home Bank
Context
On July 15, 1994, regulators closed Bank of San Pedro, headquartered in Los Angeles, CA. At closing, the institution held approximately $132.6M in assets and $128.3M in deposits. The FDIC record names Home Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $28.8M.
By assets at closing this is the 1026th largest of the 3,526 bank failures in the FDIC record, and the 7th of 15 in 1994. 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 Bank of San Pedro fail?
Bank of San Pedro was closed by regulators on July 15, 1994.
Who acquired Bank of San Pedro?
The FDIC record names Home Bank as the acquiring institution in the resolution of Bank of San Pedro.
How big was Bank of San Pedro when it failed?
Bank of San Pedro had approximately $132.6M in total assets and $128.3M in deposits at the time of failure.
Other failures in 1994
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1994 | Cornerstone Bank FSB | $44.3M |
| Oct 21, 1994 | Ludlow Savings Bank | $222.7M |
| Aug 26, 1994 | Capital Bank | $76.9M |
| Aug 12, 1994 | Bank of Newport | $167.8M |
| Jul 29, 1994 | Commerce Bank | $142.3M |
| Jul 29, 1994 | Western Community Bank | $54.0M |
| Jul 8, 1994 | Pioneer Bank | $133.2M |
| Jul 7, 1994 | The Meriden Trust and Safe Deposit | $3.2M |
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