COMMONWEALTH THRIFT & LOAN Failed 1996

TORRANCE, CA · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

COMMONWEALTH THRIFT & LOAN of TORRANCE, CA was closed on 1996-08-16. The FDIC was named receiver.

Resolution: Payout / Insured deposits — FDIC paid insured deposits directly to depositors

Deposits were transferred to FRONTIER STATE BANK (REDONDO BEACH, CA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
3511
FDIC Certificate
27072
FDIC FIN
4629
Bank name
COMMONWEALTH THRIFT & LOAN
Location
TORRANCE, CA
Failure date
1996-08-16
FDIC resolution date
1996-08-16
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.)
$6M
Deposits at failure
$11M
Assets at failure
$12M
Acquiring bank
FRONTIER STATE BANK (REDONDO BEACH, CA)