Bank failure · CA

Southern Pacific Bank (Torrance, CA) — failed February 7, 2003

Southern Pacific Bank of Torrance, California was closed on February 7, 2003 and resolved through a purchase and assumption (insured deposits). Beal Bank S.S.B. (TX) took over its insured deposits. At failure it held $904.3M in assets and $864.2M in deposits. The FDIC's estimated loss on the failure is $49.2M (5.4% of assets).