UNITED COMMUNITY BANK Failed 1989

WESTLAKE VILLAGE, CA · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

UNITED COMMUNITY BANK of WESTLAKE VILLAGE, CA was closed on 1989-12-20. The FDIC was named receiver.

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

Deposits were transferred to OLYMPIC NATIONAL BANK (LOS ANGELES, CA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
2595
FDIC Certificate
23419
FDIC FIN
4139
Bank name
UNITED COMMUNITY BANK
Location
WESTLAKE VILLAGE, CA
Failure date
1989-12-20
FDIC resolution date
1989-12-20
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.)
$1M
Deposits at failure
$29M
Assets at failure
$32M
Acquiring bank
OLYMPIC NATIONAL BANK (LOS ANGELES, CA)