COMMERCE BANK Failed 1994
What happened
COMMERCE BANK of NEWPORT BEACH, CA was closed on 1994-07-29. The FDIC was named receiver.
Resolution: Payout / Insured deposits — FDIC paid insured deposits directly to depositors
Deposits were transferred to CALIFORNIA STATE BANK (COVINA, CA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3492
- FDIC Certificate
- 22796
- FDIC FIN
- 4614
- Bank name
- COMMERCE BANK
- Location
- NEWPORT BEACH, CA
- Failure date
- 1994-07-29
- FDIC resolution date
- 1994-07-29
- Charter type
- State commercial bank, non-Federal Reserve member (FDIC-supervised)
- Resolution type
- Payout / Insured deposits — FDIC paid insured deposits directly to depositors
- FDIC DIF cost (est.)
- $14M
- Deposits at failure
- $138M
- Assets at failure
- $142M
- Acquiring bank
- CALIFORNIA STATE BANK (COVINA, CA)