WESTLAKE THRIFT & LOAN ASSOCIATION Failed 1988
What happened
WESTLAKE THRIFT & LOAN ASSOCIATION of WESTLAKE VILLAGE, CA was closed on 1988-07-29. The FDIC was named receiver.
Resolution: Insured Deposit Transfer — insured deposits transferred to another bank
Deposits were transferred to INDEPENDENCE BANK (LOS ANGELES, CA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 1844
- FDIC Certificate
- 26315
- FDIC FIN
- 5942
- Bank name
- WESTLAKE THRIFT & LOAN ASSOCIATION
- Location
- WESTLAKE VILLAGE, CA
- Failure date
- 1988-07-29
- FDIC resolution date
- 1988-07-29
- 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.)
- $8M
- Deposits at failure
- $51M
- Assets at failure
- $55M
- Acquiring bank
- INDEPENDENCE BANK (LOS ANGELES, CA)
Other banks INDEPENDENCE BANK acquired in FDIC resolutions