Bank Failure
Western FSB
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Closed June 4, 1993 · Marina Del Ray, CA · FDIC Cert #29671.
- Closing date
- June 4, 1993
- Headquarters
- Marina Del Ray, CA
- FDIC Certificate
- 29671
- Total assets at closing
- $3.80B
- Total deposits at closing
- $2.70B
- Estimated loss to the insurance fund
- $107.9M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: branch sale.
Context
On June 4, 1993, regulators closed Western FSB, headquartered in Marina Del Ray, CA. At closing, the institution held approximately $3.80B in assets and $2.70B in deposits. The FDIC record lists the resolution as a branch sale; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $107.9M.
By assets at closing this is the 53rd largest of the 3,526 bank failures in the FDIC record, and the 1st 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 Western FSB fail?
Western FSB was closed by regulators on June 4, 1993.
How big was Western FSB when it failed?
Western FSB had approximately $3.80B in total assets and $2.70B in deposits at the time of failure.
Other failures in 1993
| Date | Bank | Assets |
|---|---|---|
| Nov 5, 1993 | Century Thrift and Loan | $31.9M |
| Oct 29, 1993 | The Bank of San Diego | $294.3M |
| 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 |
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