Bank Failure
Security Pacific Bank
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Closed November 7, 2008 · San Diego, CA · FDIC Cert #23595.
- Closing date
- November 7, 2008
- Headquarters
- San Diego, CA
- FDIC Certificate
- 23595
- Total assets at closing
- $528.0M
- Total deposits at closing
- $456.5M
- Estimated loss to the insurance fund
- $148.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Pacific Western Bank
Context
On November 7, 2008, regulators closed Security Pacific Bank, headquartered in San Diego, CA. At closing, the institution held approximately $528.0M in assets and $456.5M in deposits. The FDIC record names Pacific Western Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $148.3M.
By assets at closing this is the 357th largest of the 3,526 bank failures in the FDIC record, and the 13th of 25 in 2008. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Security Pacific Bank fail?
Security Pacific Bank was closed by regulators on November 7, 2008.
Who acquired Security Pacific Bank?
The FDIC record names Pacific Western Bank as the acquiring institution in the resolution of Security Pacific Bank.
How big was Security Pacific Bank when it failed?
Security Pacific Bank had approximately $528.0M in total assets and $456.5M in deposits at the time of failure.
Other failures in 2008
| Date | Bank | Assets |
|---|---|---|
| Dec 12, 2008 | Haven Trust Bank | $559.6M |
| Dec 12, 2008 | Sanderson State Bank | $38.2M |
| Dec 5, 2008 | First Georgia Community Bank | $256.4M |
| Nov 21, 2008 | Downey Savings and Loan Association, F.A. | $12.78B |
| Nov 21, 2008 | PFF Bank & Trust | $3.72B |
| Nov 21, 2008 | The Community Bank | $634.9M |
| Nov 7, 2008 | Franklin Bank, SSB | $5.09B |
| Oct 31, 2008 | Freedom Bank | $270.8M |
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