Bank Failure
Beach Federal Savings Assoc.
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Closed January 18, 1991 · Fountain Valley, CA · FDIC Cert #32332.
- Closing date
- January 18, 1991
- Headquarters
- Fountain Valley, CA
- FDIC Certificate
- 32332
- Total assets at closing
- $81.8M
- Total deposits at closing
- $80.7M
- Estimated loss to the insurance fund
- $110K
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Queen City Bank, N.A.
Context
On January 18, 1991, regulators closed Beach Federal Savings Assoc., headquartered in Fountain Valley, CA. At closing, the institution held approximately $81.8M in assets and $80.7M in deposits. The FDIC record names Queen City Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $110K.
By assets at closing this is the 1324th largest of the 3,526 bank failures in the FDIC record, and the 138th of 268 in 1991. 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 Beach Federal Savings Assoc. fail?
Beach Federal Savings Assoc. was closed by regulators on January 18, 1991.
Who acquired Beach Federal Savings Assoc.?
The FDIC record names Queen City Bank, N.A. as the acquiring institution in the resolution of Beach Federal Savings Assoc.
How big was Beach Federal Savings Assoc. when it failed?
Beach Federal Savings Assoc. had approximately $81.8M in total assets and $80.7M in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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