Data / Bank failures / 1987 / Commonwealth Bank
Commonwealth Bank, Torrance, CA: failed September 25, 1987
Commonwealth Bank in Torrance, California, failed on September 25, 1987. Capital Bank of Californ of Los Angeles, CA, took over its deposits. It held $85.1 million in assets and $83.8 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $16.7 million (19.6% of its assets). By assets it was the 59th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- September 25, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Capital Bank of Californ, Los Angeles, CA
- Total assets
- $85,059,000
- Total deposits
- $83,784,000
- Estimated cost to the FDIC
- $16,679,086 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 22026
Other bank failures in California, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| United Community Bank | Westlake Village | December 20, 1989 | $32.3 million | $29.3 million | $1.4 million | Olympic National Bank |
| Brookside Federal S & L | Los Angeles | November 30, 1989 | $601.4 million | $560.3 million | $45.7 million | |
| Security Fed. Savings Association | Garden Grove | November 16, 1989 | $71 million | $74.7 million | $2,801 | Itt FB, FSB |
| Saratoga S & L Association | San Jose | November 9, 1989 | $84.5 million | $81.7 million | $18.6 million | Pacific Western Bank |
| American Interstate Sa | Los Angeles | July 20, 1989 | $24.9 million | $25 million | $5 million | |
| Sierra S & L Assoc. | Beverly Hills | July 20, 1989 | $40.7 million | $40 million | $11.1 million | Sun SB, FSB |
| The Guardian Fed. S & L Assoc. | Bakersfield | June 29, 1989 | $29.4 million | $28.6 million | $11.7 million | Bank of America Ntsa |
| First Fed. S & L Assoc. | Bakersfield | June 29, 1989 | $126.4 million | $127.3 million | $11.3 million | Bank of America Ntsa |
Other failed banks Capital Bank of Californ took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Valley State Bank | Los Angeles | CA | September 28, 1987 | $93.2 million | $92 million | $2.2 million | Capital Bank of Californ |
All bank failures in 1987 · All bank failures in California · Every failed bank Capital Bank of Californ 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.