CORNERSTONE BANK FSB Failed 1994
What happened
CORNERSTONE BANK FSB of MISSION VIEJO, CA was closed on 1994-12-16. The FDIC was named receiver.
Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets
Deposits were transferred to CALIFORNIA FB, A FSB (LOS ANGELES, CA). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3497
- FDIC Certificate
- 32374
- FDIC FIN
- 1308
- Bank name
- CORNERSTONE BANK FSB
- Location
- MISSION VIEJO, CA
- Failure date
- 1994-12-16
- FDIC resolution date
- 1994-12-16
- Charter type
- Savings bank
- Resolution type
- Purchase & Assumption — acquiring bank assumed deposits + bought assets
- FDIC DIF cost (est.)
- $4M
- Deposits at failure
- $38M
- Assets at failure
- $44M
- Acquiring bank
- CALIFORNIA FB, A FSB (LOS ANGELES, CA)