Bank Failure
Union Federal Bank, FSB
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Closed August 9, 1996 · Los Angeles, CA · FDIC Cert #29236.
- Closing date
- August 9, 1996
- Headquarters
- Los Angeles, CA
- FDIC Certificate
- 29236
- Total assets at closing
- $32.6M
- Total deposits at closing
- $32.7M
- Estimated loss to the insurance fund
- $21.9M
- Insurance fund
- Savings Association Insurance Fund (SAIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Dean Witter Trust FSB
Context
On August 9, 1996, regulators closed Union Federal Bank, FSB, headquartered in Los Angeles, CA. At closing, the institution held approximately $32.6M in assets and $32.7M in deposits. The FDIC record names Dean Witter Trust FSB as the acquiring institution in the resolution. The estimated cost to the Savings Association Insurance Fund (SAIF) was approximately $21.9M.
By assets at closing this is the 1985th largest of the 3,526 bank failures in the FDIC record, and the 4th of 6 in 1996. 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 Union Federal Bank, FSB fail?
Union Federal Bank, FSB was closed by regulators on August 9, 1996.
Who acquired Union Federal Bank, FSB?
The FDIC record names Dean Witter Trust FSB as the acquiring institution in the resolution of Union Federal Bank, FSB.
How big was Union Federal Bank, FSB when it failed?
Union Federal Bank, FSB had approximately $32.6M in total assets and $32.7M in deposits at the time of failure.
Other failures in 1996
| Date | Bank | Assets |
|---|---|---|
| Aug 16, 1996 | Commonwealth Thrift & Loan | $11.5M |
| Jul 12, 1996 | Fairfield First Bank & Trust Co | $57.3M |
| Jun 14, 1996 | First NB of the Panhandle | $68.1M |
| May 31, 1996 | People's Bank & Trust | $22.7M |
| Mar 8, 1996 | Metrobank of Philadelphia | $40.4M |
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