Data / Bank failures / 1996 / Commonwealth Thrift & Loan
Commonwealth Thrift & Loan, Torrance, CA: failed August 16, 1996
Commonwealth Thrift & Loan in Torrance, California, failed on August 16, 1996. Frontier State Bank of Redondo Beach, CA, took over its deposits. It held $11.5 million in assets and $10.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $5.6 million (48.8% of its assets). By assets it was the 6th largest of 6 banks closed or assisted in 1996.
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The FDIC's record
- Closed
- August 16, 1996
- Type
- Failure
- How it was resolved
- Purchase and assumption of the insured deposits only
- Acquirer
- Frontier State Bank, Redondo Beach, CA
- Total assets
- $11,547,000
- Total deposits
- $10,883,000
- Estimated cost to the FDIC
- $5,639,628 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 27072
Other bank failures in California, 1994 to 1998
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| Capital Bank | Downey | August 26, 1994 | $76.9 million | $74.4 million | $17.8 million | Landmark Bank |
All bank failures in 1996 · All bank failures in California · 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.