Failed Bank List

Closed Friday, December 18, 2009 · Santa Monica, Los Angeles County, California

First Federal Bank of California, F.S.B.

By total assets First Federal Bank of California, F.S.B. is the 31st-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. The FDIC records no estimated loss to the Deposit Insurance Fund from this failure. Its assets grew 139% in the three years to the first quarter of 2006, then shrank 42% before it closed.

On the books, 2001 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$3B$6B$9B$12B20022003200420052006200720082009Closed
Total assets peaked at $10.6 billion. Equity capital went from 6.8% of assets in the fourth quarter of 2001 to 4.2% at the last report. The deepest annual loss, $396 million, was booked in 2008.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$400M−$400M2001: $52.0 million20016.8%2002: $55.3 million20028.3%2003: $64.6 million20038.6%2004: $66.0 million20046.1%2005: $92.8 million20056.3%2006: $133 million20068.5%2007: $98.0 million200711%2008: −$396 million20085.4%2009: −$138 million2009*4.2%
* 2009: January to September only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; First Federal Bank of California in red.

By assets it ranked eighth of the 140 failures in 2009. Within California it ranks 11th by size of the 239 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Corus Bank, N.A. of Chicago, Illinois ($7.0 billion, no estimated loss); just below, Park National Bank of Chicago, Illinois ($4.7 billion, loss 0.1% of assets). Every 2009 failure in the explorer.

Regulators closed seven banks that day. The largest of the others was Imperial Capital Bank of La Jolla, California, at $4.0 billion.

Failures in California

In 2009 regulators closed 17 banks in California; this was the 16th. The previous failure there was Pacific Coast National Bank of San Clemente, on November 13, 2009. The next was First Regional Bank of Los Angeles, on January 29, 2010. Los Angeles County has 87 failed banks on FDIC record since 1934. Closest in time: Alliance Bank (2009), First Bank of Beverly Hills (2009), Mirae Bank (2009), California National Bank (2009), First Regional Bank (2010).

Bank failures in California per year, 1980 to 2026081624321982: 21983: 61984: 71985: 111986: 171987: 121988: 31989: 281990: 211991: 211992: 181993: 241994: 101995: 51996: 21999: 12000: 12003: 12008: 52009: 172010: 122011: 42012: 12014: 12023: 22026: 119801990200020102020
Per year since 1980, 2009 in red. Every California failure

The acquiring bank

OneWest Bank, FSB of Pasadena, California took over three failed banks between 2000 and 2026. The others:

  • IndyMac BankPasadena, CA · July 11, 2008
  • La Jolla Bank, FSBLa Jolla, CA · February 19, 2010

FDIC certificate 28536 · loss estimate as of July 31, 2026 · How to read this page