Closed Monday, July 6, 1992 · San Diego, San Diego County, California
HomeFed Bank, Federal Savings Bank
By total assets HomeFed Bank, Federal Savings Bank is the 13th-largest of the 3,375 bank failures since 1934 for which the FDIC records a size, counted in dollars of the day. It was the largest of the 179 bank failures in 1992. Its estimated cost to the Resolution Trust Corporation makes it the 46th-costliest failure on FDIC record since 1934.
On the books, 1984 to 1992
Total assets peaked at $19.1 billion in the third quarter of 1990 and were 36% lower at the final report. Equity capital went from 7.2% of assets in the third quarter of 1984 to below zero at the last report. It reported a net loss in three of its final nine reporting years. The deepest annual loss, $768 million, was booked in 1991.* 1992: January to June only, the last report before closing.
Size against the other 1992 failures
Total assets of each 1992 failure, log scale; HomeFed Bank, Federal Savings Bank in red.
Within California it ranks sixth by size of the 239 failures recorded since 1934. The next-largest failure of that year was CrossLand Savings, FSB of Brooklyn, New York ($7.4 billion, loss 10% of assets). Every 1992 failure in the explorer.
Failures in California
In 1992 regulators closed 18 banks in California; this was the 15th. The previous failure there was First Newport Bank, F.S.B. of Newport Beach, on June 19, 1992. The next was Homestead Savings, Federal Savings and Loan Association of San Francisco, on October 30, 1992. San Diego County has 20 failed banks on FDIC record since 1934. Closest in time: Landmark Thrift and Loan Association (1991), Great American Bank, a Federal Savings Bank (1991), Heartland Savings and Loan Association (1991), First Western Bank, National Association (1993), First California Bank (1993).