FIRST SIERRA BANK Failed 1987

What happened

FIRST SIERRA BANK of BISHOP, CA was closed on 1987-01-23. The FDIC was named receiver.

Resolution: Insured Deposit Transfer — insured deposits transferred to another bank

Deposits were transferred to SECURITY PACIFIC NB (LOS ANGELES, CA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1346

FDIC Certificate

23282

FDIC FIN

6796

Bank name

FIRST SIERRA BANK

Location

BISHOP, CA

Failure date

1987-01-23

FDIC resolution date

1987-01-23

Charter type

State commercial bank, non-Federal Reserve member (FDIC-supervised)

Resolution type

Insured Deposit Transfer — insured deposits transferred to another bank

FDIC DIF cost (est.)

$4M

Deposits at failure

$23M

Assets at failure

$23M

Acquiring bank

SECURITY PACIFIC NB (LOS ANGELES, CA)