Bank Failure
Westlake Thrift & Loan Association
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Closed July 29, 1988 · Westlake Village, CA · FDIC Cert #26315.
- Closing date
- July 29, 1988
- Headquarters
- Westlake Village, CA
- FDIC Certificate
- 26315
- Total assets at closing
- $55.2M
- Total deposits at closing
- $51.2M
- Estimated loss to the insurance fund
- $7.7M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Independence Bank
Context
On July 29, 1988, regulators closed Westlake Thrift & Loan Association, headquartered in Westlake Village, CA. At closing, the institution held approximately $55.2M in assets and $51.2M in deposits. The FDIC record names Independence Bank as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $7.7M.
By assets at closing this is the 1576th largest of the 3,526 bank failures in the FDIC record, and the 86th of 232 in 1988. 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 Westlake Thrift & Loan Association fail?
Westlake Thrift & Loan Association was closed by regulators on July 29, 1988.
Who acquired Westlake Thrift & Loan Association?
The FDIC record names Independence Bank as the acquiring institution in the resolution of Westlake Thrift & Loan Association.
How big was Westlake Thrift & Loan Association when it failed?
Westlake Thrift & Loan Association had approximately $55.2M in total assets and $51.2M in deposits at the time of failure.
Other failures in 1988
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 1988 | First Industrial Bank of Rocky Ford | $12.5M |
| Dec 16, 1988 | First Southwest Bank | $9.8M |
| Dec 15, 1988 | Texas National Bank | $37.7M |
| Dec 15, 1988 | First National Bank in Center | $26.1M |
| Dec 15, 1988 | Crescent City Bank & Trust Company | $24.0M |
| Dec 15, 1988 | Texas Bank of Plano | $15.1M |
| Dec 15, 1988 | First National Bank in Bogata | $13.2M |
| Dec 9, 1988 | Silverado S&LA | $2.32B |
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