Bank Failure
Gibraltar Savings, F.A.
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Closed March 31, 1989 · Simi Valley, CA · FDIC Cert #31629.
- Closing date
- March 31, 1989
- Headquarters
- Simi Valley, CA
- FDIC Certificate
- 31629
- Total assets at closing
- $13.38B
- Total deposits at closing
- $7.58B
- Estimated loss to the insurance fund
- $94.6M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Security Pacific NB, N.A.
Context
On March 31, 1989, regulators closed Gibraltar Savings, F.A., headquartered in Simi Valley, CA. At closing, the institution held approximately $13.38B in assets and $7.58B in deposits. The FDIC record names Security Pacific NB, N.A. as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $94.6M.
By assets at closing this is the 10th largest of the 3,526 bank failures in the FDIC record, and the 1st of 530 in 1989. 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 Gibraltar Savings, F.A. fail?
Gibraltar Savings, F.A. was closed by regulators on March 31, 1989.
Who acquired Gibraltar Savings, F.A.?
The FDIC record names Security Pacific NB, N.A. as the acquiring institution in the resolution of Gibraltar Savings, F.A.
How big was Gibraltar Savings, F.A. when it failed?
Gibraltar Savings, F.A. had approximately $13.38B in total assets and $7.58B in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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