Bank Failure
Western Community Bank
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Closed July 29, 1994 · Corona, CA · FDIC Cert #23157.
- Closing date
- July 29, 1994
- Headquarters
- Corona, CA
- FDIC Certificate
- 23157
- Total assets at closing
- $54.0M
- Total deposits at closing
- $53.1M
- Estimated loss to the insurance fund
- $2.6M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of San Bernardino
Context
On July 29, 1994, regulators closed Western Community Bank, headquartered in Corona, CA. At closing, the institution held approximately $54.0M in assets and $53.1M in deposits. The FDIC record names Bank of San Bernardino as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $2.6M.
By assets at closing this is the 1591st largest of the 3,526 bank failures in the FDIC record, and the 10th of 15 in 1994. 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 Western Community Bank fail?
Western Community Bank was closed by regulators on July 29, 1994.
Who acquired Western Community Bank?
The FDIC record names Bank of San Bernardino as the acquiring institution in the resolution of Western Community Bank.
How big was Western Community Bank when it failed?
Western Community Bank had approximately $54.0M in total assets and $53.1M in deposits at the time of failure.
Other failures in 1994
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1994 | Cornerstone Bank FSB | $44.3M |
| Oct 21, 1994 | Ludlow Savings Bank | $222.7M |
| Aug 26, 1994 | Capital Bank | $76.9M |
| Aug 12, 1994 | Bank of Newport | $167.8M |
| Jul 29, 1994 | Commerce Bank | $142.3M |
| Jul 15, 1994 | Bank of San Pedro | $132.6M |
| Jul 8, 1994 | Pioneer Bank | $133.2M |
| Jul 7, 1994 | The Meriden Trust and Safe Deposit | $3.2M |
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