SOUTHERN PACIFIC BANK Failed 2003
What happened
SOUTHERN PACIFIC BANK of TORRANCE, CA was closed on 2003-02-07. The FDIC was named receiver.
Resolution: Payout / Insured deposits — FDIC paid insured deposits directly to depositors
Deposits were transferred to BEAL BANK S.S.B. (PLANO, TX). Customers became depositors of the acquiring bank automatically.
Key facts
- FDIC ID
- 3546
- FDIC Certificate
- 27094
- FDIC FIN
- 4660
- Bank name
- SOUTHERN PACIFIC BANK
- Location
- TORRANCE, CA
- Failure date
- 2003-02-07
- FDIC resolution date
- 2003-02-07
- 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.)
- $49M
- Deposits at failure
- $864M
- Assets at failure
- $904M
- Acquiring bank
- BEAL BANK S.S.B. (PLANO, TX)