Bank failure · CA

Colonial Thrift & Loan Association (Culver City, CA) — failed April 15, 1988

Colonial Thrift & Loan Association of Culver City, California was closed on April 15, 1988 and resolved through a purchase and assumption. Southern Pacific Th&l As (CA) took over its insured deposits. At failure it held $26.8M in assets and $24.0M in deposits. The FDIC's estimated loss on the failure is $4.6M (17.2% of assets).