BANK OF LOS GATOS, N.A. Failed 1987

What happened

BANK OF LOS GATOS, N.A. of LOS GATOS, CA was closed on 1987-07-23. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to BANK OF THE WEST (SAN FRANCISCO, CA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

1481

FDIC Certificate

25285

FDIC FIN

2710

Bank name

BANK OF LOS GATOS, N.A.

Location

LOS GATOS, CA

Failure date

1987-07-23

FDIC resolution date

1987-07-23

Charter type

National commercial bank (OCC-chartered)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$1M

Deposits at failure

$13M

Assets at failure

$13M

Acquiring bank

BANK OF THE WEST (SAN FRANCISCO, CA)