Bank Failure
Westside Bank, FSB
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Closed September 24, 1993 · Los Angeles, CA · FDIC Cert #32229.
- Closing date
- September 24, 1993
- Headquarters
- Los Angeles, CA
- FDIC Certificate
- 32229
- Total assets at closing
- $81.7M
- Total deposits at closing
- $76.9M
- Estimated loss to the insurance fund
- $21.6M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators). The FDIC record lists the resolution as: deposit payout.
Context
On September 24, 1993, regulators closed Westside Bank, FSB, headquartered in Los Angeles, CA. At closing, the institution held approximately $81.7M in assets and $76.9M in deposits. The FDIC record lists the resolution as a deposit payout; no acquiring institution is named. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $21.6M.
By assets at closing this is the 1325th largest of the 3,526 bank failures in the FDIC record, and the 17th 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 Westside Bank, FSB fail?
Westside Bank, FSB was closed by regulators on September 24, 1993.
How big was Westside Bank, FSB when it failed?
Westside Bank, FSB had approximately $81.7M in total assets and $76.9M 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 | 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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