Bank failure · CA
Mechanics National Bank (Paramount, CA) — failed April 1, 1994
Mechanics National Bank of Paramount, California was closed on April 1, 1994 and resolved through a purchase and assumption (insured deposits). Home Bank (CA) took over its insured deposits. At failure it held $148.7M in assets and $148.9M in deposits. The FDIC's estimated loss on the failure is $47.7M (32.1% of assets).
- Closing date
- April 1, 1994
- FDIC certificate #
- 19367
- Resolution
- Purchase and assumption (insured deposits) (failure)
- Acquiring institution
- Home Bank
- Insurance fund
- BIF
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