Data / Bank failures / 1986 / Independent National Bank
Independent National Bank, Covina, CA: failed October 9, 1986
Independent National Bank in Covina, California, failed on October 9, 1986. Chino Valley Bank of Chino, CA, took over its deposits. It held $28.3 million in assets and $27.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $1.4 million (4.9% of its assets). By assets it was the 113th largest of 204 banks closed or assisted in 1986.
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The FDIC's record
- Closed
- October 9, 1986
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Chino Valley Bank, Chino, CA
- Total assets
- $28,334,000
- Total deposits
- $27,744,000
- Estimated cost to the FDIC
- $1,401,089 (estimate as of July 31, 2026)
- Charter
- National bank (supervised by the OCC)
- Insurance fund
- FDIC
- FDIC certificate
- 24727
Other bank failures in California, 1984 to 1988
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Adobe Savings Bank (assistance) | Concord | September 30, 1988 | $48.1 million | $43.4 million | $3.8 million | Tracy SAVINGS&LOAN Assn |
| American S&LA (assistance) | Stockton | September 7, 1988 | $30.16 billion | $15.41 billion | $5.37 billion | American Savings Bank FA |
| Homestate S&LA (assistance) | Hayward | August 26, 1988 | $182.1 million | $222.3 million | $45.7 million | Old Stone Bank of Ca A FSB |
| Westlake Thrift & Loan Association | Westlake Village | July 29, 1988 | $55.2 million | $51.2 million | $7.7 million | Independence Bank |
| First Security SB (assistance) | Pleasant Hill | July 21, 1988 | $176.5 million | $133.1 million | $44.6 million | Columbus Savings, A FS&LA |
| Stanford S&LA (assistance) | Palo Alto | June 24, 1988 | $73.5 million | $79.8 million | $17.1 million | Eureka FS&LA |
| Colonial Thrift & Loan Association | Culver City | April 15, 1988 | $26.8 million | $24 million | $4.6 million | Southern Pacific TH&L As |
| Balboa National Bank | National City | January 14, 1988 | $29.3 million | $29.4 million | $6.4 million |
Other failed banks Chino Valley Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Pioneer Bank | Fullerton | CA | July 8, 1994 | $133.3 million | $128.4 million | $14.5 million | Chino Valley Bank |
| Mid City Bank, N.A. | Brea | CA | October 21, 1993 | $105.7 million | $102.6 million | $14.3 million | Chino Valley Bank |
All bank failures in 1986 · All bank failures in California · Every failed bank Chino Valley Bank 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.