Data / Bank failures / 1989 / Gibraltar Savings, FA
Gibraltar Savings, FA, Simi Valley, CA: failed March 31, 1989
Gibraltar Savings, FA in Simi Valley, California, failed on March 31, 1989. Security Pacific NB, NA of Los Angeles, CA, took over its deposits. It held $13.38 billion in assets and $7.58 billion in deposits at its last report. The FDIC estimates the cost to its insurance fund at $94.6 million (0.7% of its assets). By assets it was the largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- March 31, 1989
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Security Pacific NB, NA, Los Angeles, CA
- Total assets
- $13,382,327,000
- Total deposits
- $7,575,392,000
- Estimated cost to the FDIC
- $94,594,812 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- RTC
- FDIC certificate
- 31629
Other bank failures in California, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Delta FSB | Westminster | November 8, 1991 | $52.4 million | $29.4 million | $12 million | East-West FB, FSB |
| Mission Valley Bank, National Assoc | San Clemente | October 18, 1991 | $42.7 million | $40.5 million | $14.5 million | Mid City Bank, National Ass |
| Gold River SB | Fair Oaks | September 27, 1991 | $24.1 million | $21.9 million | $2.1 million | El Dorado SB |
| Santa Paula S & La | Santa Paula | September 27, 1991 | $280.7 million | $242.6 million | $6.9 million | Bank of Levy |
| Heartland S & La | La Mesa | September 6, 1991 | $121.7 million | $120.8 million | $18.4 million | Union Bank |
| Great American Fsa | San Diego | August 9, 1991 | $9.52 billion | $7.23 billion | $995.5 million | |
| Atlantic Financial FSB | San Francisco | July 26, 1991 | $448.9 million | $413.5 million | $35 million | |
| Pan American FSB | San Mateo | July 12, 1991 | $287.2 million | $250.2 million | $8.3 million | Pan American Bank, FSB |
Other failed banks Security Pacific NB, NA took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Mercury Savings | Huntington Beach | CA | February 23, 1990 | $2.16 billion | $1.79 billion | $15.7 million | Security Pacific NB, NA |
| Washington S & L Assoc. | Stockton | CA | April 6, 1989 | $66.7 million | $68.7 million | $5,733 | Security Pacific NB, NA |
All bank failures in 1989 · All bank failures in California · Every failed bank Security Pacific NB, 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.