Bank Failure
Mechanics National Bank
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Closed April 1, 1994 · Paramount, CA · FDIC Cert #19367.
- Closing date
- April 1, 1994
- Headquarters
- Paramount, CA
- FDIC Certificate
- 19367
- Total assets at closing
- $148.7M
- Total deposits at closing
- $148.9M
- Estimated loss to the insurance fund
- $47.7M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Home Bank
Context
On April 1, 1994, regulators closed Mechanics National Bank, headquartered in Paramount, CA. At closing, the institution held approximately $148.7M in assets and $148.9M in deposits. The FDIC record names Home Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $47.7M.
By assets at closing this is the 943rd largest of the 3,526 bank failures in the FDIC record, and the 4th of 15 in 1994. 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 Mechanics National Bank fail?
Mechanics National Bank was closed by regulators on April 1, 1994.
Who acquired Mechanics National Bank?
The FDIC record names Home Bank as the acquiring institution in the resolution of Mechanics National Bank.
How big was Mechanics National Bank when it failed?
Mechanics National Bank had approximately $148.7M in total assets and $148.9M in deposits at the time of failure.
Other failures in 1994
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1994 | Cornerstone Bank FSB | $44.3M |
| Oct 21, 1994 | Ludlow Savings Bank | $222.7M |
| Aug 26, 1994 | Capital Bank | $76.9M |
| Aug 12, 1994 | Bank of Newport | $167.8M |
| Jul 29, 1994 | Commerce Bank | $142.3M |
| Jul 29, 1994 | Western Community Bank | $54.0M |
| Jul 15, 1994 | Bank of San Pedro | $132.6M |
| Jul 8, 1994 | Pioneer Bank | $133.2M |
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