Data / Bank failures / 1990 / The Merchants Bank of California
The Merchants Bank of California, Beverly Hills, CA: failed June 8, 1990
The Merchants Bank of California in Beverly Hills, California, failed on June 8, 1990. Western Bank of Los Angeles, CA, took over its deposits. It held $62.4 million in assets and $61 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3.4 million (5.4% of its assets). By assets it was the 195th largest of 382 banks closed or assisted in 1990.
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The FDIC's record
- Closed
- June 8, 1990
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Western Bank, Los Angeles, CA
- Total assets
- $62,435,000
- Total deposits
- $60,994,000
- Estimated cost to the FDIC
- $3,353,630 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- BIF
- FDIC certificate
- 23795
Other bank failures in California, 1988 to 1992
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Huntington Pacific Thrift & Loan | Huntington | December 4, 1992 | $40.5 million | $38.3 million | $17.4 million | |
| Statewide Thrift and Loan Co. | Redwood City | November 13, 1992 | $9.6 million | $9.5 million | $2.3 million | Fireside Thrift Co |
| Homestead Fsa | San Francisco | October 30, 1992 | $1.31 billion | $1.23 billion | $19.2 million | |
| Homefed Bank, FA | San Diego | July 6, 1992 | $12.18 billion | $8.90 billion | $751.6 million | |
| First Newport FSB | Newport Beach | June 19, 1992 | $35 million | $34.4 million | $3.2 million | Sterling B&T, FSB |
| San Clemente FSB | San Clemente | June 12, 1992 | $220.4 million | $205.7 million | $32.8 million | Household Bank, FSB |
| American Interstate Bank | Newport Beach | June 12, 1992 | $42 million | $40.8 million | $7.4 million | Marine National Bank |
| North American Thrift and Loan | Corona Del Mar | May 29, 1992 | $21.3 million | $20.9 million | $4.5 million |
Other failed banks Western Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Maritime Bank of California | Los Angeles | CA | August 27, 1993 | $31.8 million | $30.9 million | $5.9 million | Western Bank |
| Olympic National Bank | Los Angeles | CA | April 2, 1993 | $82.4 million | $80.5 million | $25.2 million | Western Bank |
| Columbia National Bank | Santa Monica | CA | January 22, 1993 | $47.6 million | $47.6 million | $17.6 million | Western Bank |
| Community Bank | Hartford | SD | June 17, 1983 | $32 million | $28.3 million | $5.9 million | Western Bank |
All bank failures in 1990 · All bank failures in California · Every failed bank 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.