Bank failure · CA

Westlake Thrift & Loan Association (Westlake Village, CA) — failed July 29, 1988

Westlake Thrift & Loan Association of Westlake Village, California was closed on July 29, 1988 and resolved through a insured deposit transfer. Independence Bank (CA) took over its insured deposits. At failure it held $55.2M in assets and $51.2M in deposits. The FDIC's estimated loss on the failure is $7.7M (14.0% of assets).