Bank Failure
Southern Pacific Bank
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Closed February 7, 2003 · Torrance, CA · FDIC Cert #27094.
- Closing date
- February 7, 2003
- Headquarters
- Torrance, CA
- FDIC Certificate
- 27094
- Total assets at closing
- $904.3M
- Total deposits at closing
- $864.2M
- Estimated loss to the insurance fund
- $49.2M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Beal Bank S.S.B.
Context
On February 7, 2003, regulators closed Southern Pacific Bank, headquartered in Torrance, CA. At closing, the institution held approximately $904.3M in assets and $864.2M in deposits. The FDIC record names Beal Bank S.S.B. as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $49.2M.
By assets at closing this is the 234th largest of the 3,526 bank failures in the FDIC record, and the 1st of 3 in 2003. 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 Southern Pacific Bank fail?
Southern Pacific Bank was closed by regulators on February 7, 2003.
Who acquired Southern Pacific Bank?
The FDIC record names Beal Bank S.S.B. as the acquiring institution in the resolution of Southern Pacific Bank.
How big was Southern Pacific Bank when it failed?
Southern Pacific Bank had approximately $904.3M in total assets and $864.2M in deposits at the time of failure.
Other failures in 2003
| Date | Bank | Assets |
|---|---|---|
| Nov 14, 2003 | Pulaski Savings Bank | $8.5M |
| May 9, 2003 | The First National Bank of Blanchardville | $34.5M |
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