Bank Failure
Charter Savings Bank
Closed June 15, 1990 · Newport, CA · FDIC Cert #31924.
- Closing date
- June 15, 1990
- Headquarters
- Newport, CA
- FDIC Certificate
- 31924
- Total assets at closing
- $313.9M
- Total deposits at closing
- $280.4M
- Estimated loss to DIF
- $9.8M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Pacific Heritage Bank
Context
On June 15, 1990, regulators closed Charter Savings Bank, headquartered in Newport, CA. At closing, the institution held approximately $313.9M in assets and $280.4M in deposits. The FDIC arranged a resolution under which Pacific Heritage Bank acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $9.8M.
By assets at closing this is the 543rd largest of the 3,526 bank failures in the FDIC record, and the 72nd of 381 in 1990. 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 Charter Savings Bank fail?
Charter Savings Bank was closed by regulators on June 15, 1990.
Who acquired Charter Savings Bank?
Pacific Heritage Bank acquired the failed bank's deposits and operations on June 15, 1990 under an FDIC-brokered resolution.
How big was Charter Savings Bank when it failed?
Charter Savings Bank had approximately $313.9M in total assets and $280.4M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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