Data / Bank failures / 1994 / Cornerstone Bank FSB
Cornerstone Bank FSB, Mission Viejo, CA: failed December 16, 1994
Cornerstone Bank FSB in Mission Viejo, California, failed on December 16, 1994. California FB, A FSB of Los Angeles, CA, took over its deposits. It held $44.3 million in assets and $38.4 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4 million (9.1% of its assets). By assets it was the 11th largest of 15 banks closed or assisted in 1994.
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The FDIC's record
- Closed
- December 16, 1994
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- California FB, A FSB, Los Angeles, CA
- Total assets
- $44,345,000
- Total deposits
- $38,410,000
- Estimated cost to the FDIC
- $4,047,292 (estimate as of July 31, 2026)
- Charter
- Savings bank
- Insurance fund
- RTC
- FDIC certificate
- 32374
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 |
| Capital Bank | Downey | August 26, 1994 | $76.9 million | $74.4 million | $17.8 million | Landmark Bank |
All bank failures in 1994 · All bank failures in California · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.