Bank Failure
Pacific Heritage Bank
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Closed July 28, 1995 · Torrance, CA · FDIC Cert #23319.
- Closing date
- July 28, 1995
- Headquarters
- Torrance, CA
- FDIC Certificate
- 23319
- Total assets at closing
- $147.7M
- Total deposits at closing
- $146.1M
- Estimated loss to the insurance fund
- $19.3M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- California Federal Bank , a
Context
On July 28, 1995, regulators closed Pacific Heritage Bank, headquartered in Torrance, CA. At closing, the institution held approximately $147.7M in assets and $146.1M in deposits. The FDIC record names California Federal Bank , a as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $19.3M.
By assets at closing this is the 953rd largest of the 3,526 bank failures in the FDIC record, and the 4th of 8 in 1995. 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 Pacific Heritage Bank fail?
Pacific Heritage Bank was closed by regulators on July 28, 1995.
Who acquired Pacific Heritage Bank?
The FDIC record names California Federal Bank , a as the acquiring institution in the resolution of Pacific Heritage Bank.
How big was Pacific Heritage Bank when it failed?
Pacific Heritage Bank had approximately $147.7M in total assets and $146.1M in deposits at the time of failure.
Other failures in 1995
| Date | Bank | Assets |
|---|---|---|
| Jul 28, 1995 | Founders Bank | $77.4M |
| May 19, 1995 | Bank USA, N.A. | $9.0M |
| May 5, 1995 | American S & L Association | $64.4M |
| Apr 28, 1995 | Continental Savings of America | $359.4M |
| Mar 31, 1995 | Los Angeles Thrift and Loan Company | $23.4M |
| Mar 3, 1995 | First Trust Bank | $227.7M |
| Jan 20, 1995 | Guardian Bank | $316.9M |
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