THE MERCHANTS BANK OF CALIFORNIA Failed 1990
What happened
THE MERCHANTS BANK OF CALIFORNIA of BEVERLY HILLS, CA was closed on 1990-06-08. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to WESTERN BANK (LOS ANGELES, CA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 2805
- FDIC Certificate
- 23795
- FDIC FIN
- 4225
- Bank name
- THE MERCHANTS BANK OF CALIFORNIA
- Location
- BEVERLY HILLS, CA
- Failure date
- 1990-06-08
- FDIC resolution date
- 1990-06-08
- 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.)
- $3M
- Deposits at failure
- $61M
- Assets at failure
- $62M
- Acquiring bank
- WESTERN BANK (LOS ANGELES, CA)
Other banks WESTERN BANK acquired in FDIC resolutions