Bank failure · CA

First Newport FSB (Newport Beach, CA) — failed June 19, 1992

First Newport FSB of Newport Beach, California was closed on June 19, 1992 and resolved through a purchase and assumption. Sterling B&t, FSB (MI) took over its insured deposits. At failure it held $35.0M in assets and $34.4M in deposits. The FDIC's estimated loss on the failure is $3.2M (9.1% of assets).