Bank Failure
First Newport FSB
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Closed June 19, 1992 · Newport Beach, CA · FDIC Cert #32452.
- Closing date
- June 19, 1992
- Headquarters
- Newport Beach, CA
- FDIC Certificate
- 32452
- Total assets at closing
- $35.0M
- Total deposits at closing
- $34.4M
- Estimated loss to the insurance fund
- $3.2M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Sterling B&T, FSB
Context
On June 19, 1992, regulators closed First Newport FSB, headquartered in Newport Beach, CA. At closing, the institution held approximately $35.0M in assets and $34.4M in deposits. The FDIC record names Sterling B&T, FSB as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $3.2M.
By assets at closing this is the 1913th largest of the 3,526 bank failures in the FDIC record, and the 138th of 179 in 1992. 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 First Newport FSB fail?
First Newport FSB was closed by regulators on June 19, 1992.
Who acquired First Newport FSB?
The FDIC record names Sterling B&T, FSB as the acquiring institution in the resolution of First Newport FSB.
How big was First Newport FSB when it failed?
First Newport FSB had approximately $35.0M in total assets and $34.4M in deposits at the time of failure.
Other failures in 1992
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1992 | The Rushville National Bank | $41.6M |
| Dec 18, 1992 | The Bremen State Bank | $2.7M |
| Dec 11, 1992 | Meritor Savings Bank | $4.13B |
| Dec 11, 1992 | Eastland Savings Bank | $515.3M |
| Dec 11, 1992 | Eastland Bank | $85.4M |
| Dec 11, 1992 | Sailors & Merchants B&T Co. | $34.8M |
| Dec 8, 1992 | Palm Beach FSA | $59.4M |
| Dec 4, 1992 | Carteret FSB | $4.83B |
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