Bank Failure
South Coast Bank
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Closed April 12, 1985 · Costa Mesa, CA · FDIC Cert #21984.
- Closing date
- April 12, 1985
- Headquarters
- Costa Mesa, CA
- FDIC Certificate
- 21984
- Total assets (last filing before closing)
- $31.3M
- Total deposits (last filing before closing)
- $29.5M
- Estimated loss to the insurance fund
- $1.2M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Harbor Bank
Context
On April 12, 1985, regulators closed South Coast Bank, headquartered in Costa Mesa, CA. At closing, the institution held approximately $31.3M in assets and $29.5M in deposits. The FDIC record names Harbor Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $1.2M.
By total assets in its last filing before closing, this is the 2021st largest of the 3,526 bank failures in the FDIC record, and the 50th of 139 in 1985. 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, in nominal dollars, and can differ from the balance on the closing day.
Common questions
When did South Coast Bank fail?
South Coast Bank was closed by regulators on April 12, 1985.
Who acquired South Coast Bank?
The FDIC record names Harbor Bank as the acquiring institution in the resolution of South Coast Bank.
How big was South Coast Bank when it failed?
South Coast Bank had approximately $31.3M in total assets and $29.5M in deposits at the time of failure.
Other failures in 1985
| Date | Bank | Assets |
|---|---|---|
| Dec 20, 1985 | First City Bank | $35.8M |
| Dec 20, 1985 | State Bank of Frost | $7.7M |
| Dec 19, 1985 | Princeton State Bank | $18.4M |
| Dec 19, 1985 | Farmers State Bank | $12.5M |
| Dec 19, 1985 | Bank of Panama | $4.4M |
| Dec 19, 1985 | Farmers & Merchants Bank | $3.3M |
| Dec 13, 1985 | The First National Bank in Lincoln County | $32.0M |
| Dec 13, 1985 | Lake National Bank | $19.8M |
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