COMMONWEALTH BANK Failed 1987
What happened
COMMONWEALTH BANK of TORRANCE, CA was closed on 1987-09-25. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to CAPITAL BANK OF CALIFORN (LOS ANGELES, CA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1524
- FDIC Certificate
- 22026
- FDIC FIN
- 2731
- Bank name
- COMMONWEALTH BANK
- Location
- TORRANCE, CA
- Failure date
- 1987-09-25
- FDIC resolution date
- 1987-09-25
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $17M
- Deposits at failure
- $84M
- Assets at failure
- $85M
- Acquiring bank
- CAPITAL BANK OF CALIFORN (LOS ANGELES, CA)
Other banks CAPITAL BANK OF CALIFORN acquired in FDIC resolutions