Data / Bank failures / 2008 / Downey Savings and Loan Association, F.A.
Downey Savings and Loan Association, F.A., Newport Beach, CA: failed November 21, 2008
Downey Savings and Loan Association, F.A. in Newport Beach, California, failed on November 21, 2008. U.S. Bank, NA of Cincinnati, OH, took over its deposits. It held $12.78 billion in assets and $9.65 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $151.2 million (1.2% of its assets). By assets it was the 6th largest of 30 banks closed or assisted in 2008.
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The FDIC's record
- Closed
- November 21, 2008
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- U.S. Bank, NA, Cincinnati, OH
- Total assets
- $12,779,371,000
- Total deposits
- $9,653,169,000
- Estimated cost to the FDIC
- $151,232,052 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- DIF
- FDIC certificate
- 30968
Other bank failures in California, 2006 to 2010
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Western Commercial Bank | Woodland Hills | November 5, 2010 | $98.6 million | $101.1 million | $16.9 million | First California Bank |
| First Vietnamese American Bank | Westminster | November 5, 2010 | $48 million | $47 million | $14.3 million | Grandpoint Bank |
| Butte Community Bank | Chico | August 20, 2010 | $498.8 million | $471.3 million | $1.7 million | Rabobank, National Association |
| Los Padres Bank | Solvang | August 20, 2010 | $866.5 million | $770.9 million | $3.4 million | Pacific Western Bank |
| Sonoma Valley Bank | Sonoma | August 20, 2010 | $337.1 million | $255.5 million | $10.3 million | Westamerica Bank |
| Pacific State Bank | Stockton | August 20, 2010 | $312.1 million | $278.8 million | $34 million | Rabobank, National Association |
| Granite Community Bank, National Association | Granite Bay | May 28, 2010 | $102.9 million | $94.3 million | $13.2 million | Tri Counties Bank |
| 1ST Pacific Bank of California | San Diego | May 7, 2010 | $335.8 million | $291.2 million | $6.3 million | City National Bank |
Other failed banks U.S. Bank, NA took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Community Bank of Lemont | Lemont | IL | October 30, 2009 | $81.8 million | $80.7 million | $25.9 million | U.S. Bank, NA |
| California National Bank | Los Angeles | CA | October 30, 2009 | $7.78 billion | $6.15 billion | $182 million | U.S. Bank, NA |
| Madisonville State Bank | Madisonville | TX | October 30, 2009 | $256.3 million | $224.7 million | U.S. Bank, NA | |
| Bank USA, NA | Phoenix | AZ | October 30, 2009 | $213.2 million | $170.7 million | $11.7 million | U.S. Bank, NA |
| Pacific National Bank | San Francisco | CA | October 30, 2009 | $2.32 billion | $1.76 billion | $58.6 million | U.S. Bank, NA |
| Citizens National Bank | Teague | TX | October 30, 2009 | $118.2 million | $97.6 million | $5.8 million | U.S. Bank, NA |
| San Diego National Bank | San Diego | CA | October 30, 2009 | $3.59 billion | $2.89 billion | $36.4 million | U.S. Bank, NA |
| North Houston Bank | Houston | TX | October 30, 2009 | $325.5 million | $307.2 million | $12 million | U.S. Bank, NA |
All bank failures in 2008 · All bank failures in California · Every failed bank U.S. Bank, NA 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.