Data / Bank failures / 1994 / Bank of Newport
Bank of Newport, Newport Beach, CA: failed August 12, 1994
Bank of Newport in Newport Beach, California, failed on August 12, 1994. Union Bank of San Francisco, CA, took over its deposits. It held $167.8 million in assets and $161.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $28.7 million (17.1% of its assets). By assets it was the 3rd largest of 15 banks closed or assisted in 1994.
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The FDIC's record
- Closed
- August 12, 1994
- Type
- Failure
- How it was resolved
- Purchase and assumption of the insured deposits only
- Acquirer
- Union Bank, San Francisco, CA
- Total assets
- $167,802,000
- Total deposits
- $161,785,000
- Estimated cost to the FDIC
- $28,711,327 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 20637
Other bank failures in California, 1992 to 1996
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Commonwealth Thrift & Loan | Torrance | August 16, 1996 | $11.5 million | $10.9 million | $5.6 million | Frontier State Bank |
| Union Federal Bank, FSB | Los Angeles | August 9, 1996 | $32.6 million | $32.7 million | $21.9 million | Dean Witter Trust FSB |
| Pacific Heritage Bank | Torrance | July 28, 1995 | $147.7 million | $146.1 million | $19.3 million | California Federal Bank , A |
| Continental Savings of America | San Francisco | April 28, 1995 | $359.4 million | $357 million | $22.2 million | California FB, FSB |
| Los Angeles Thrift and Loan Company | Los Angeles | March 31, 1995 | $23.4 million | $22.3 million | $6.1 million | California Federal Bank, A |
| First Trust Bank | Ontario | March 3, 1995 | $227.7 million | $223.6 million | $25.6 million | First State Bank of Califor |
| Guardian Bank | Los Angeles | January 20, 1995 | $316.9 million | $297.9 million | $20.5 million | Imperial Bank |
| Cornerstone Bank FSB | Mission Viejo | December 16, 1994 | $44.3 million | $38.4 million | $4 million | California FB, A FSB |
Other failed banks Union Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Heartland S & La | La Mesa | CA | September 6, 1991 | $121.7 million | $120.8 million | $18.4 million | Union Bank |
All bank failures in 1994 · All bank failures in California · Every failed bank Union Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.