Bank Failure
Continental Savings of America
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Closed April 28, 1995 · San Francisco, CA · FDIC Cert #31899.
- Closing date
- April 28, 1995
- Headquarters
- San Francisco, CA
- FDIC Certificate
- 31899
- Total assets at closing
- $359.4M
- Total deposits at closing
- $357.0M
- Estimated loss to the insurance fund
- $22.2M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- California FB, FSB
Context
On April 28, 1995, regulators closed Continental Savings of America, headquartered in San Francisco, CA. At closing, the institution held approximately $359.4M in assets and $357.0M in deposits. The FDIC record names California FB, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $22.2M.
By assets at closing this is the 488th largest of the 3,526 bank failures in the FDIC record, and the 1st of 8 in 1995. 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 Continental Savings of America fail?
Continental Savings of America was closed by regulators on April 28, 1995.
Who acquired Continental Savings of America?
The FDIC record names California FB, FSB as the acquiring institution in the resolution of Continental Savings of America.
How big was Continental Savings of America when it failed?
Continental Savings of America had approximately $359.4M in total assets and $357.0M in deposits at the time of failure.
Other failures in 1995
| Date | Bank | Assets |
|---|---|---|
| Jul 28, 1995 | Pacific Heritage Bank | $147.7M |
| Jul 28, 1995 | Founders Bank | $77.4M |
| May 19, 1995 | Bank USA, N.A. | $9.0M |
| May 5, 1995 | American S & L Association | $64.4M |
| Mar 31, 1995 | Los Angeles Thrift and Loan Company | $23.4M |
| Mar 3, 1995 | First Trust Bank | $227.7M |
| Jan 20, 1995 | Guardian Bank | $316.9M |
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