Bank Failure
Pacific Savings Bank
Closed February 7, 1989 · Costa Mesa, CA · FDIC Cert #28560.
- Closing date
- February 7, 1989
- Headquarters
- Costa Mesa, CA
- FDIC Certificate
- 28560
- Total assets at closing
- $1.12B
- Total deposits at closing
- $1.02B
- Estimated loss to DIF
- $188.3M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Royal Trust Holdings
Context
On February 7, 1989, regulators closed Pacific Savings Bank, headquartered in Costa Mesa, CA. At closing, the institution held approximately $1.12B in assets and $1.02B in deposits. The FDIC arranged a resolution under which Royal Trust Holdings acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $188.3M.
By assets at closing this is the 192nd largest of the 3,524 bank failures in the FDIC record, and the 29th 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 Pacific Savings Bank fail?
Pacific Savings Bank was closed by regulators on February 7, 1989.
Who acquired Pacific Savings Bank?
Royal Trust Holdings acquired the failed bank's deposits and operations on February 7, 1989 under an FDIC-brokered resolution.
How big was Pacific Savings Bank when it failed?
Pacific Savings Bank had approximately $1.12B in total assets and $1.02B 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 |
Explore: all failures · CA bank events · 1989 events · events hub