FIRST NEWPORT FSB Failed 1992

What happened

FIRST NEWPORT FSB of NEWPORT BEACH, CA was closed on 1992-06-19. The FDIC was named receiver.

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

Deposits were transferred to STERLING B&T, FSB (SOUTHFIELD, MI). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3347

FDIC Certificate

32452

FDIC FIN

1223

Bank name

FIRST NEWPORT FSB

Location

NEWPORT BEACH, CA

Failure date

1992-06-19

FDIC resolution date

1993-07-23

Charter type

Savings bank

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$3M

Deposits at failure

$34M

Assets at failure

$35M

Acquiring bank

STERLING B&T, FSB (SOUTHFIELD, MI)