SOUTHWEST FEDERAL SAVINGS ASSOC. Failed 1989
What happened
SOUTHWEST FEDERAL SAVINGS ASSOC. of LOS ANGELES, CA was closed on 1989-04-27. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to BANK OF AMERICA, NA (SAN FRANCISCO, CA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 2363
- FDIC Certificate
- 30262
- FDIC FIN
- 7229
- Bank name
- SOUTHWEST FEDERAL SAVINGS ASSOC.
- Location
- LOS ANGELES, CA
- Failure date
- 1989-04-27
- FDIC resolution date
- 1990-11-16
- Charter type
- SL
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $75M
- Deposits at failure
- $792M
- Assets at failure
- $897M
- Acquiring bank
- BANK OF AMERICA, NA (SAN FRANCISCO, CA)