Bank Failure
Mission Viejo National Bank
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Closed February 28, 1992 · Mission Viejo, CA · FDIC Cert #23455.
- Closing date
- February 28, 1992
- Headquarters
- Mission Viejo, CA
- FDIC Certificate
- 23455
- Total assets at closing
- $114.6M
- Total deposits at closing
- $102.4M
- Estimated loss to the insurance fund
- $31.4M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
Context
On February 28, 1992, regulators closed Mission Viejo National Bank, headquartered in Mission Viejo, CA. At closing, the institution held approximately $114.6M in assets and $102.4M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $31.4M.
By assets at closing this is the 1112th largest of the 3,526 bank failures in the FDIC record, and the 82nd 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 Mission Viejo National Bank fail?
Mission Viejo National Bank was closed by regulators on February 28, 1992.
How big was Mission Viejo National Bank when it failed?
Mission Viejo National Bank had approximately $114.6M in total assets and $102.4M 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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