Bank Failure
Far West Savings & Loan
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Closed January 11, 1991 · Newport Beach, CA · FDIC Cert #28292.
- Closing date
- January 11, 1991
- Headquarters
- Newport Beach, CA
- FDIC Certificate
- 28292
- Total assets at closing
- $3.71B
- Total deposits at closing
- $2.98B
- Estimated loss to the insurance fund
- $498.7M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On January 11, 1991, regulators closed Far West Savings & Loan, headquartered in Newport Beach, CA. At closing, the institution held approximately $3.71B in assets and $2.98B in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $498.7M.
By assets at closing this is the 55th largest of the 3,526 bank failures in the FDIC record, and the 8th of 268 in 1991. 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 Far West Savings & Loan fail?
Far West Savings & Loan was closed by regulators on January 11, 1991.
How big was Far West Savings & Loan when it failed?
Far West Savings & Loan had approximately $3.71B in total assets and $2.98B in deposits at the time of failure.
Other failures in 1991
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1991 | North Ridge Bank | $94.3M |
| Dec 13, 1991 | Investors FSB | $2.06B |
| Dec 13, 1991 | The Bank Mart | $578.2M |
| Dec 13, 1991 | Merchants National Bank | $153.6M |
| Dec 13, 1991 | Bank of East Hartford | $36.6M |
| Dec 13, 1991 | Federal Finance & Mortgage, LTD | $7.7M |
| Dec 12, 1991 | Granite Co-Operative Bank | $103.8M |
| Dec 6, 1991 | Saybrook Bank and Trust Company | $77.3M |
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