Bank failure · CA
Commerce Bank (Newport Beach, CA) — failed July 29, 1994
Commerce Bank of Newport Beach, California was closed on July 29, 1994 and resolved through a purchase and assumption (insured deposits). California State Bank (CA) took over its insured deposits. At failure it held $142.3M in assets and $138.3M in deposits. The FDIC's estimated loss on the failure is $14.1M (9.9% of assets).
- Closing date
- July 29, 1994
- FDIC certificate #
- 22796
- Resolution
- Purchase and assumption (insured deposits) (failure)
- Acquiring institution
- California State Bank
- Insurance fund
- BIF
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