Bank failure · CA
Bank of Newport (Newport Beach, CA) — failed August 12, 1994
Bank of Newport of Newport Beach, California was closed on August 12, 1994 and resolved through a purchase and assumption (insured deposits). Union Bank (CA) took over its insured deposits. At failure it held $167.8M in assets and $161.8M in deposits. The FDIC's estimated loss on the failure is $28.7M (17.1% of assets).
- Closing date
- August 12, 1994
- FDIC certificate #
- 20637
- Resolution
- Purchase and assumption (insured deposits) (failure)
- Acquiring institution
- Union Bank
- Insurance fund
- BIF
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