BANK OF NEWPORT Failed 1994
What happened
BANK OF NEWPORT of NEWPORT BEACH, CA was closed on 1994-08-12. The FDIC was named receiver.
Resolution: Payout / Insured deposits — FDIC paid insured deposits directly to depositors
Deposits were transferred to UNION BANK (SAN FRANCISCO, CA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3494
- FDIC Certificate
- 20637
- FDIC FIN
- 4616
- Bank name
- BANK OF NEWPORT
- Location
- NEWPORT BEACH, CA
- Failure date
- 1994-08-12
- FDIC resolution date
- 1994-08-12
- 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.)
- $29M
- Deposits at failure
- $162M
- Assets at failure
- $168M
- Acquiring bank
- UNION BANK (SAN FRANCISCO, CA)
Other banks UNION BANK acquired in FDIC resolutions