SIERRA S & L ASSOC. Failed 1989
What happened
SIERRA S & L ASSOC. of BEVERLY HILLS, CA was closed on 1989-07-20. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to SUN SB, FSB (LOS ANGELES, CA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 2448
- FDIC Certificate
- 32428
- FDIC FIN
- 6988
- Bank name
- SIERRA S & L ASSOC.
- Location
- BEVERLY HILLS, CA
- Failure date
- 1989-07-20
- FDIC resolution date
- 1990-05-04
- Charter type
- SL
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $11M
- Deposits at failure
- $40M
- Assets at failure
- $41M
- Acquiring bank
- SUN SB, FSB (LOS ANGELES, CA)
Other banks SUN SB, FSB acquired in FDIC resolutions