Bank failure · CA
Southwest Federal Savings Assoc. (Los Angeles, CA) — failed April 27, 1989
Southwest Federal Savings Assoc. of Los Angeles, California was closed on April 27, 1989 and resolved through a purchase and assumption. Bank of America, NA (CA) took over its insured deposits. At failure it held $896.8M in assets and $791.8M in deposits. The FDIC's estimated loss on the failure is $74.6M (8.3% of assets).
- Closing date
- April 27, 1989
- FDIC certificate #
- 30262
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Bank of America, NA
- Insurance fund
- RTC
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