Data / Bank failures / 1988 / Westlake Thrift & Loan Association
Westlake Thrift & Loan Association, Westlake Village, CA: failed July 29, 1988
Westlake Thrift & Loan Association in Westlake Village, California, failed on July 29, 1988. Independence Bank of Los Angeles, CA, took over its deposits. It held $55.2 million in assets and $51.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $7.7 million (14% of its assets). By assets it was the 261st largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- July 29, 1988
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Independence Bank, Los Angeles, CA
- Total assets
- $55,152,000
- Total deposits
- $51,232,000
- Estimated cost to the FDIC
- $7,745,103 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 26315
Other bank failures in California, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Far Western Bank | Tustin | December 14, 1990 | $154.3 million | $150.7 million | $23.9 million | |
| Liberty Federal Savings Bank | Montebello | November 16, 1990 | $53.8 million | $51.7 million | $3.3 million | Commerce NB |
| Rancho Bernardo Fed. Sav. Bank | San Diego | October 26, 1990 | $118.6 million | $113.1 million | $7.7 million | |
| First Pacific Bank | Beverly Hills | August 10, 1990 | $118.8 million | $113.2 million | $43.4 million | Commercial Center Bank |
| Charter Savings Bank | Newport | June 15, 1990 | $313.9 million | $280.4 million | $9.8 million | Pacific Heritage Bank |
| The Merchants Bank of California | Beverly Hills | June 8, 1990 | $62.4 million | $61 million | $3.4 million | Western Bank |
| Time FS & La | San Francisco | June 1, 1990 | $57.9 million | $53.9 million | $3.1 million | Sun SB, FSB |
| The Wilshire Bank, National Assoc | Los Angeles | May 31, 1990 | $24.8 million | $23.9 million | $3.4 million | Mid City Bank, National Ass |
Other failed banks Independence Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Center National Bank | Los Angeles | CA | April 11, 1986 | $47.7 million | $45.7 million | $10.9 million | Independence Bank |
All bank failures in 1988 · All bank failures in California · Every failed bank Independence 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.