Bank Failure
Wilshire Center Bank,
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Closed May 6, 1993 · Los Angeles, CA · FDIC Cert #24653.
- Closing date
- May 6, 1993
- Headquarters
- Los Angeles, CA
- FDIC Certificate
- 24653
- Total assets at closing
- $9.7M
- Total deposits at closing
- $9.4M
- Estimated loss to the insurance fund
- $5.9M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- California Center Bank
Context
On May 6, 1993, regulators closed Wilshire Center Bank,, headquartered in Los Angeles, CA. At closing, the institution held approximately $9.7M in assets and $9.4M in deposits. The FDIC record names California Center Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $5.9M.
By assets at closing this is the 2783rd largest of the 3,526 bank failures in the FDIC record, and the 48th 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 Wilshire Center Bank, fail?
Wilshire Center Bank, was closed by regulators on May 6, 1993.
Who acquired Wilshire Center Bank,?
The FDIC record names California Center Bank as the acquiring institution in the resolution of Wilshire Center Bank,.
How big was Wilshire Center Bank, when it failed?
Wilshire Center Bank, had approximately $9.7M in total assets and $9.4M 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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