Bank Failure
Pioneer Bank
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Closed July 8, 1994 · Fullerton, CA · FDIC Cert #23448.
- Closing date
- July 8, 1994
- Headquarters
- Fullerton, CA
- FDIC Certificate
- 23448
- Total assets at closing
- $133.2M
- Total deposits at closing
- $128.4M
- Estimated loss to the insurance fund
- $14.5M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Chino Valley Bank
Context
On July 8, 1994, regulators closed Pioneer Bank, headquartered in Fullerton, CA. At closing, the institution held approximately $133.2M in assets and $128.4M in deposits. The FDIC record names Chino Valley Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $14.5M.
By assets at closing this is the 1024th largest of the 3,526 bank failures in the FDIC record, and the 6th 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 Pioneer Bank fail?
Pioneer Bank was closed by regulators on July 8, 1994.
Who acquired Pioneer Bank?
The FDIC record names Chino Valley Bank as the acquiring institution in the resolution of Pioneer Bank.
How big was Pioneer Bank when it failed?
Pioneer Bank had approximately $133.2M in total assets and $128.4M 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 7, 1994 | The Meriden Trust and Safe Deposit | $3.2M |
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