Bank Failure
The Bank of San Diego
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Closed October 29, 1993 · San Diego, CA · FDIC Cert #22815.
- Closing date
- October 29, 1993
- Headquarters
- San Diego, CA
- FDIC Certificate
- 22815
- Total assets at closing
- $294.3M
- Total deposits at closing
- $289.1M
- Estimated loss to the insurance fund
- $58.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Grossmont Bank
Context
On October 29, 1993, regulators closed The Bank of San Diego, headquartered in San Diego, CA. At closing, the institution held approximately $294.3M in assets and $289.1M in deposits. The FDIC record names Grossmont Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $58.9M.
By assets at closing this is the 565th largest of the 3,526 bank failures in the FDIC record, and the 5th of 50 in 1993. 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 The Bank of San Diego fail?
The Bank of San Diego was closed by regulators on October 29, 1993.
Who acquired The Bank of San Diego?
The FDIC record names Grossmont Bank as the acquiring institution in the resolution of The Bank of San Diego.
How big was The Bank of San Diego when it failed?
The Bank of San Diego had approximately $294.3M in total assets and $289.1M in deposits at the time of failure.
Other failures in 1993
| Date | Bank | Assets |
|---|---|---|
| Nov 5, 1993 | Century Thrift and Loan | $31.9M |
| Oct 21, 1993 | Mid City Bank, N.A. | $105.7M |
| Oct 15, 1993 | Brentwood Thrift and Loan Association | $12.9M |
| Oct 14, 1993 | Plaza Bank, N.A. of New Braunfels | $54.6M |
| Sep 24, 1993 | Westside Bank, FSB | $81.7M |
| Sep 24, 1993 | Western United National Bank | $23.7M |
| Sep 17, 1993 | Regent Thrift and Loan Association | $35.8M |
| Sep 10, 1993 | Amador Valley S & L | $41.9M |
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