Bank Failure
First Sierra Bank
BankRegReports is independent of First Sierra Bank and never asks for online banking logins or passwords.
Closed January 23, 1987 · Bishop, CA · FDIC Cert #23282.
- Closing date
- January 23, 1987
- Headquarters
- Bishop, CA
- FDIC Certificate
- 23282
- Total assets at closing
- $23.2M
- Total deposits at closing
- $23.0M
- Estimated loss to the insurance fund
- $4.1M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Security Pacific NB
Context
On January 23, 1987, regulators closed First Sierra Bank, headquartered in Bishop, CA. At closing, the institution held approximately $23.2M in assets and $23.0M in deposits. The FDIC record names Security Pacific NB as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $4.1M.
By assets at closing this is the 2227th largest of the 3,526 bank failures in the FDIC record, and the 100th of 217 in 1987. 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 Sierra Bank fail?
First Sierra Bank was closed by regulators on January 23, 1987.
Who acquired First Sierra Bank?
The FDIC record names Security Pacific NB as the acquiring institution in the resolution of First Sierra Bank.
How big was First Sierra Bank when it failed?
First Sierra Bank had approximately $23.2M in total assets and $23.0M in deposits at the time of failure.
Other failures in 1987
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 1987 | First State Bank at Shoshoni | $4.6M |
| Dec 17, 1987 | Usbank | $86.0M |
| Dec 17, 1987 | Bank of Mabank | $43.8M |
| Dec 17, 1987 | American Bank of Commerce | $35.5M |
| Dec 11, 1987 | First Interstate Bank of Alaska | $367.7M |
| Dec 11, 1987 | Lewis and Clark State Bank | $20.3M |
| Dec 10, 1987 | Heritage National Bank | $53.2M |
| Dec 10, 1987 | Bancfirst-Austin, N.A. | $25.3M |
Explore: all failures · CA bank events · 1987 events · events hub