Bank Failure
Downey Savings and Loan Association, F.A.
BankRegReports is independent of Downey Savings and Loan Association, F.A. and never asks for online banking logins or passwords.
Closed November 21, 2008 · Newport Beach, CA · FDIC Cert #30968.
- Closing date
- November 21, 2008
- Headquarters
- Newport Beach, CA
- FDIC Certificate
- 30968
- Total assets at closing
- $12.78B
- Total deposits at closing
- $9.65B
- Estimated loss to the insurance fund
- $151.2M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- U.S. Bank, N.A.
Context
On November 21, 2008, regulators closed Downey Savings and Loan Association, F.A., headquartered in Newport Beach, CA. At closing, the institution held approximately $12.78B in assets and $9.65B in deposits. The FDIC record names U.S. Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $151.2M.
By assets at closing this is the 12th largest of the 3,526 bank failures in the FDIC record, and the 3rd of 25 in 2008. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Downey Savings and Loan Association, F.A. fail?
Downey Savings and Loan Association, F.A. was closed by regulators on November 21, 2008.
Who acquired Downey Savings and Loan Association, F.A.?
The FDIC record names U.S. Bank, N.A. as the acquiring institution in the resolution of Downey Savings and Loan Association, F.A.
How big was Downey Savings and Loan Association, F.A. when it failed?
Downey Savings and Loan Association, F.A. had approximately $12.78B in total assets and $9.65B in deposits at the time of failure.
Other failures in 2008
| Date | Bank | Assets |
|---|---|---|
| Dec 12, 2008 | Haven Trust Bank | $559.6M |
| Dec 12, 2008 | Sanderson State Bank | $38.2M |
| Dec 5, 2008 | First Georgia Community Bank | $256.4M |
| Nov 21, 2008 | PFF Bank & Trust | $3.72B |
| Nov 21, 2008 | The Community Bank | $634.9M |
| Nov 7, 2008 | Franklin Bank, SSB | $5.09B |
| Nov 7, 2008 | Security Pacific Bank | $528.0M |
| Oct 31, 2008 | Freedom Bank | $270.8M |
Explore: all failures · CA bank events · 2008 events · events hub