Bank Failure
Commonwealth Thrift & Loan
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Closed August 16, 1996 · Torrance, CA · FDIC Cert #27072.
- Closing date
- August 16, 1996
- Headquarters
- Torrance, CA
- FDIC Certificate
- 27072
- Total assets at closing
- $11.5M
- Total deposits at closing
- $10.9M
- Estimated loss to the insurance fund
- $5.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Frontier State Bank
Context
On August 16, 1996, regulators closed Commonwealth Thrift & Loan, headquartered in Torrance, CA. At closing, the institution held approximately $11.5M in assets and $10.9M in deposits. The FDIC record names Frontier State Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.6M.
By assets at closing this is the 2712th largest of the 3,526 bank failures in the FDIC record, and the 6th of 6 in 1996. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Commonwealth Thrift & Loan fail?
Commonwealth Thrift & Loan was closed by regulators on August 16, 1996.
Who acquired Commonwealth Thrift & Loan?
The FDIC record names Frontier State Bank as the acquiring institution in the resolution of Commonwealth Thrift & Loan.
How big was Commonwealth Thrift & Loan when it failed?
Commonwealth Thrift & Loan had approximately $11.5M in total assets and $10.9M in deposits at the time of failure.
Other failures in 1996
| Date | Bank | Assets |
|---|---|---|
| Aug 9, 1996 | Union Federal Bank, FSB | $32.6M |
| Jul 12, 1996 | Fairfield First Bank & Trust Co | $57.3M |
| Jun 14, 1996 | First NB of the Panhandle | $68.1M |
| May 31, 1996 | People's Bank & Trust | $22.7M |
| Mar 8, 1996 | Metrobank of Philadelphia | $40.4M |
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