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Bank Failure

Pacific Thrift and Loan Co

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Closed November 22, 1999 · Woodland Hills, CA · FDIC Cert #27415.

Closing date
November 22, 1999
Headquarters
Woodland Hills, CA
FDIC Certificate
27415
Total assets at closing
$127.3M
Total deposits at closing
$119.5M
Estimated loss to the insurance fund
$42.0M
Insurance fund
Bank Insurance Fund (BIF)
Resolution
Failure (closed by regulators)
Acquirer
Affinity Bank

Context

On November 22, 1999, regulators closed Pacific Thrift and Loan Co, headquartered in Woodland Hills, CA. At closing, the institution held approximately $127.3M in assets and $119.5M in deposits. The FDIC record names Affinity Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $42.0M.

By assets at closing this is the 1050th largest of the 3,526 bank failures in the FDIC record, and the 2nd of 8 in 1999. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.

Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.

Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.

Common questions

When did Pacific Thrift and Loan Co fail?

Pacific Thrift and Loan Co was closed by regulators on November 22, 1999.

Who acquired Pacific Thrift and Loan Co?

The FDIC record names Affinity Bank as the acquiring institution in the resolution of Pacific Thrift and Loan Co.

How big was Pacific Thrift and Loan Co when it failed?

Pacific Thrift and Loan Co had approximately $127.3M in total assets and $119.5M in deposits at the time of failure.

Other failures in 1999

Date Bank HQ Assets
Dec 10, 1999 Golden City Commercial Bank New York, NY $87.2M
Sep 10, 1999 Peoples NB of Commerce Miami, FL $36.8M
Sep 1, 1999 First NB of Keystone Keystone, WV $1.12B
Jul 9, 1999 East Texas NB of Marshall Marshall, TX $121.6M
Jul 9, 1999 Oceanmark Bank, a FSB North Miami Beach, FL $69.0M
Apr 23, 1999 Zia New Mexico Bank Tucumcari, NM $17.3M
Mar 26, 1999 Victory State Bank Columbia, SC $13.2M