Data / Bank failures / 2008 / Security Pacific Bank
Security Pacific Bank, San Diego, CA: failed November 7, 2008
Security Pacific Bank in San Diego, California, failed on November 7, 2008. Pacific Western Bank of San Diego, CA, took over its deposits. It held $528 million in assets and $456.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $148.3 million (28.1% of its assets). By assets it was the 17th largest of 30 banks closed or assisted in 2008.
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The FDIC's record
- Closed
- November 7, 2008
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Pacific Western Bank, San Diego, CA
- Total assets
- $527,959,000
- Total deposits
- $456,472,000
- Estimated cost to the FDIC
- $148,254,891 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 23595
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 Pacific Western Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Los Padres Bank | Solvang | CA | August 20, 2010 | $866.5 million | $770.9 million | $3.4 million | Pacific Western Bank |
| Affinity Bank | Ventura | CA | August 28, 2009 | $1.21 billion | $905.6 million | $234.1 million | Pacific Western Bank |
| Saratoga S & L Association | San Jose | CA | November 9, 1989 | $84.5 million | $81.7 million | $18.6 million | Pacific Western Bank |
All bank failures in 2008 · All bank failures in California · Every failed bank Pacific Western 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.