Bank Failure
Independence Bank
Closed January 30, 1992 · Los Angeles, CA · FDIC Cert #18675.
- Closing date
- January 30, 1992
- Headquarters
- Los Angeles, CA
- FDIC Certificate
- 18675
- Total assets at closing
- $535.8M
- Total deposits at closing
- $547.6M
- Estimated loss to DIF
- $137.2M
- Resolution
- Failure (closed by regulators)
Context
On January 30, 1992, regulators closed Independence Bank, headquartered in Los Angeles, CA. At closing, the institution held approximately $535.8M in assets and $547.6M in deposits. The FDIC resolved the institution without a single-acquirer transaction. The estimated cost to the FDIC Deposit Insurance Fund was approximately $137.2M.
By assets at closing this is the 349th largest of the 3,524 bank failures in the FDIC record, and the 28th 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 Independence Bank fail?
Independence Bank was closed by regulators on January 30, 1992.
How big was Independence Bank when it failed?
Independence Bank had approximately $535.8M in total assets and $547.6M 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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