Bank Failure
First Pacific Bank
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Closed August 10, 1990 · Beverly Hills, CA · FDIC Cert #20816.
- Closing date
- August 10, 1990
- Headquarters
- Beverly Hills, CA
- FDIC Certificate
- 20816
- Total assets at closing
- $118.8M
- Total deposits at closing
- $113.2M
- Estimated loss to the insurance fund
- $43.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Commercial Center Bank
Context
On August 10, 1990, regulators closed First Pacific Bank, headquartered in Beverly Hills, CA. At closing, the institution held approximately $118.8M in assets and $113.2M in deposits. The FDIC record names Commercial Center Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $43.4M.
By assets at closing this is the 1093rd largest of the 3,526 bank failures in the FDIC record, and the 140th of 381 in 1990. 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 Pacific Bank fail?
First Pacific Bank was closed by regulators on August 10, 1990.
Who acquired First Pacific Bank?
The FDIC record names Commercial Center Bank as the acquiring institution in the resolution of First Pacific Bank.
How big was First Pacific Bank when it failed?
First Pacific Bank had approximately $118.8M in total assets and $113.2M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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