Bank Failure
Cornerstone Bank FSB
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Closed December 16, 1994 · Mission Viejo, CA · FDIC Cert #32374.
- Closing date
- December 16, 1994
- Headquarters
- Mission Viejo, CA
- FDIC Certificate
- 32374
- Total assets at closing
- $44.3M
- Total deposits at closing
- $38.4M
- Estimated loss to the insurance fund
- $4.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- California FB, a FSB
Context
On December 16, 1994, regulators closed Cornerstone Bank FSB, headquartered in Mission Viejo, CA. At closing, the institution held approximately $44.3M in assets and $38.4M in deposits. The FDIC record names California FB, a FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $4.0M.
By assets at closing this is the 1742nd largest of the 3,526 bank failures in the FDIC record, and the 11th 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 Cornerstone Bank FSB fail?
Cornerstone Bank FSB was closed by regulators on December 16, 1994.
Who acquired Cornerstone Bank FSB?
The FDIC record names California FB, a FSB as the acquiring institution in the resolution of Cornerstone Bank FSB.
How big was Cornerstone Bank FSB when it failed?
Cornerstone Bank FSB had approximately $44.3M in total assets and $38.4M in deposits at the time of failure.
Other failures in 1994
| Date | Bank | Assets |
|---|---|---|
| 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 15, 1994 | Bank of San Pedro | $132.6M |
| Jul 8, 1994 | Pioneer Bank | $133.2M |
| Jul 7, 1994 | The Meriden Trust and Safe Deposit | $3.2M |
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