Data / Bank failures / 1987 / South Bay S&LA
South Bay S&LA, Gardens, CA: received FDIC assistance March 6, 1987
South Bay S&LA in Gardens, California, received open bank assistance from the FDIC on March 6, 1987. It held $61.9 million in assets and $64.3 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $5.3 million (8.6% of its assets). By assets it was the 70th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- March 6, 1987
- Type
- Open bank assistance
- How it was resolved
- Open bank assistance: the FDIC assisted the bank without closing it
- Acquirer
- Standard Pacific Savings FA, Newport Beach, CA
- Total assets
- $61,880,000
- Total deposits
- $64,324,000
- Estimated cost to the FDIC
- $5,315,000 (estimate as of July 31, 2026)
- Charter
- Savings and loan association
- Insurance fund
- FSLIC
- FDIC certificate
- 32163
Other bank failures in California, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| United Community Bank | Westlake Village | December 20, 1989 | $32.3 million | $29.3 million | $1.4 million | Olympic National Bank |
| Brookside Federal S & L | Los Angeles | November 30, 1989 | $601.4 million | $560.3 million | $45.7 million | |
| Security Fed. Savings Association | Garden Grove | November 16, 1989 | $71 million | $74.7 million | $2,801 | Itt FB, FSB |
| Saratoga S & L Association | San Jose | November 9, 1989 | $84.5 million | $81.7 million | $18.6 million | Pacific Western Bank |
| American Interstate Sa | Los Angeles | July 20, 1989 | $24.9 million | $25 million | $5 million | |
| Sierra S & L Assoc. | Beverly Hills | July 20, 1989 | $40.7 million | $40 million | $11.1 million | Sun SB, FSB |
| The Guardian Fed. S & L Assoc. | Bakersfield | June 29, 1989 | $29.4 million | $28.6 million | $11.7 million | Bank of America Ntsa |
| First Fed. S & L Assoc. | Bakersfield | June 29, 1989 | $126.4 million | $127.3 million | $11.3 million | Bank of America Ntsa |
All bank failures in 1987 · All bank failures in California · 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.