Data / Bank failures / 2009 / First Federal Bank of California, A Federal Savings Bank
First Federal Bank of California, A Federal Savings Bank, Santa Monica, CA: failed December 18, 2009
First Federal Bank of California, A Federal Savings Bank in Santa Monica, California, failed on December 18, 2009. OneWest Bank, FSB of Pasadena, CA, took over its deposits. It held $6.14 billion in assets and $4.54 billion in deposits at its last report. By assets it was the 16th largest of 148 banks closed or assisted in 2009.
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The FDIC's record
- Closed
- December 18, 2009
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- OneWest Bank, FSB, Pasadena, CA
- Total assets
- $6,143,903,000
- Total deposits
- $4,538,607,000
- Charter
- Savings bank
- Insurance fund
- DIF
- FDIC certificate
- 28536
Other bank failures in California, 2007 to 2011
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Citizens Bank of Northern California | Nevada City | September 23, 2011 | $288.8 million | $253.1 million | $40.9 million | Tri Counties Bank |
| Charter Oak Bank | Napa | February 18, 2011 | $120.8 million | $105.3 million | $20.1 million | Bank of Marin |
| San Luis Trust Bank, FSB | San Luis Obispo | February 18, 2011 | $332.6 million | $272.2 million | $72.9 million | First California Bank |
| Canyon National Bank | Palm Springs | February 11, 2011 | $210.9 million | $205.3 million | $15.6 million | Pacific Premier Bank |
| 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 |
Other failed banks OneWest Bank, FSB took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| La Jolla Bank, FSB | La Jolla | CA | February 19, 2010 | $3.65 billion | $2.80 billion | $560.1 million | OneWest Bank, FSB |
| IndyMac Bank F.S.B | Pasadena | CA | July 11, 2008 | $30.70 billion | $18.94 billion | $11.98 billion | OneWest Bank, FSB |
All bank failures in 2009 · All bank failures in California · Every failed bank OneWest Bank, FSB 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.