Closed Friday, March 31, 1989 · Simi Valley, Los Angeles County, California
Gibraltar Savings
By total assets Gibraltar Savings is the tenth-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. Equity capital was below zero at its last report. In 1989 regulators closed 28 banks in California; this was the fifth.
On the books, 1984 to 1989
Total assets peaked at $13.4 billion in the fourth quarter of 1987 and were 10% lower at the final report. Equity capital had covered 3.2% of assets in the first quarter of 1984. The last quarterly report, for the first quarter of 1989, showed $12.1 billion in total assets; ranks on this site use the FDIC's failure record, which differs. It reported a net loss in three of its final six reporting years. The deepest annual loss, $138 million, was booked in 1987.* 1989: January to March only, the last report before closing.
Size against the other 1989 failures
Total assets of each 1989 failure, log scale; Gibraltar Savings in red.
By assets it ranked first of the 530 failures in 1989. Within California it ranks fourth by size of the 239 failures recorded since 1934. The next-largest failure of that year was City Federal Savings Bank of Somerset, New Jersey ($9.8 billion, loss 16% of assets). Every 1989 failure in the explorer.
Regulators closed five banks that day. The largest of the others was Gibraltar Savings, FA of Seattle, Washington, at $1.7 billion.
Failures in California
The previous failure there was Westwood Savings and Loan Association of Los Angeles, on February 17, 1989. The next was Independence Savings and Loan Association of Vallejo, on April 6, 1989. Los Angeles County has 87 failed banks on FDIC record since 1934. Closest in time: Founders Savings and Loan Association (1989), Unified Savings, A Federal Savings and Loan Association (1989), City Savings and Loan Association (1989), Lincoln Savings and Loan Association (1989), Southwest Savings and Loan Association (1989).