Bank failure · CA

Commonwealth Thrift & Loan (Torrance, CA) — failed August 16, 1996

Commonwealth Thrift & Loan of Torrance, California was closed on August 16, 1996 and resolved through a purchase and assumption (insured deposits). Frontier State Bank (CA) took over its insured deposits. At failure it held $11.5M in assets and $10.9M in deposits. The FDIC's estimated loss on the failure is $5.6M (48.8% of assets).