Failed Bank List

Closed Friday, November 13, 2009 · San Clemente, Orange County, California

Pacific Coast National Bank

Pacific Coast National Bank failed four years after it opened in 2005. In the three years to the first quarter of 2009, its assets grew 336%. In 2009 regulators closed 17 banks in California; this was the 15th.

On the books, 2005 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$40M$80M$120M$160M2006200720082009Closed
Total assets peaked at $157 million and were 16% lower at the final report. Equity capital went from 92% of assets in the second quarter of 2005 to 1.6% at the last report. By then 14% of its loans were 90 days or more past due or no longer accruing interest. It lost money in every one of the five reporting years on file before it closed. The deepest annual loss, $8.5 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−$10M2005: −$1.8 million200559%2006: −$4.1 million200627%2007: −$3.7 million200711%2008: −$8.5 million20083.7%2009: −$7.2 million2009*1.6%
* 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; Pacific Coast National Bank in red.

By assets it ranked 104th of the 140 failures in 2009. Within California it ranks 101st 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 Silver Falls Bank of Silverton, Oregon ($134 million, loss 29% of assets); just below, First Security National Bank of Norcross, Georgia ($127 million, loss 27% of assets). Every 2009 failure in the explorer.

Two other banks closed that day; the largest was Orion Bank of Naples, Florida, at $2.6 billion.

Failures in California

The previous failure there was United Commercial Bank of San Francisco, on November 6, 2009. The next was First Federal Bank of California, F.S.B. of Santa Monica, on December 18, 2009. Orange County has 51 failed banks on FDIC record since 1934. Closest in time: Cornerstone Bank, FSB (1994), First Heritage Bank, NA (2008), Downey Savings and Loan Association, F.A. (2008), MetroPacific Bank (2009), First Vietnamese American 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

Sunwest Bank of Tustin, California took over five failed banks between 2000 and 2026. The others:

All 5 banks it took over.

  • MetroPacific BankIrvine, CA · June 26, 2009
  • First State BankFlagstaff, AZ · September 4, 2009
  • Westside Community BankUniversity Place, WA · January 11, 2013
  • Syringa BankBoise, ID · January 31, 2014

FDIC certificate 57914 · loss estimate as of July 31, 2026 · How to read this page