First Federal Bank of California
Encyclopedia
The First Federal Bank of California was a community bank founded in 1929, and encompassed most of Southern California
. As of 2009, It operated approximately thirty-nine branches.
First Federal Bank, which offered both personal and business financial services, was a wholly owned subsidiary of First Fed Financial Corp. The banks financial goals were to retain superior quality, staying at the forefront of technology and focusing on organic growth and profitability.
On Friday, December 18, 2009, First Federal Bank of California, a Federal Savings Bank (First Federal Bank of California), Santa Monica, CA was closed by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All deposit accounts were transferred to OneWest Bank, FSB, Pasadena, CA. All 39 of its branches reopened as branches of OneWest.
.
In 1983, they diversified to offer full-service personal and business banking, including but notwithstanding wealth management
and trust services. In 1987, they listed on the New York Stock Exchange
as (symbol: FED). Subsequently, in 1989, they changed their name from First Federal Savings Bank to First Federal Bank of California to reflect the California marketplace.
On December 18, 2009, First Federal Bank of California was closed by the Office of Thrift Supervision
. The assets and deposits of Federal Bank of California in Santa Monica were bought by closely held OneWest Bank. The FDIC estimates the failure of First Federal Bank of California will cost the deposit insurance fund $10.0 million. (Revised loss amount December 2010)
Southern California
Southern California is a megaregion, or megapolitan area, in the southern area of the U.S. state of California. Large urban areas include Greater Los Angeles and Greater San Diego. The urban area stretches along the coast from Ventura through the Southland and Inland Empire to San Diego...
. As of 2009, It operated approximately thirty-nine branches.
First Federal Bank, which offered both personal and business financial services, was a wholly owned subsidiary of First Fed Financial Corp. The banks financial goals were to retain superior quality, staying at the forefront of technology and focusing on organic growth and profitability.
On Friday, December 18, 2009, First Federal Bank of California, a Federal Savings Bank (First Federal Bank of California), Santa Monica, CA was closed by the Office of Thrift Supervision. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All deposit accounts were transferred to OneWest Bank, FSB, Pasadena, CA. All 39 of its branches reopened as branches of OneWest.
History
First Federal Bank of California was founded in 1929, and later became an institution called First Federal Savings and Loan Association of Santa MonicaSanta Monica, California
Santa Monica is a beachfront city in western Los Angeles County, California, US. Situated on Santa Monica Bay, it is surrounded on three sides by the city of Los Angeles — Pacific Palisades on the northwest, Brentwood on the north, West Los Angeles on the northeast, Mar Vista on the east, and...
.
In 1983, they diversified to offer full-service personal and business banking, including but notwithstanding wealth management
Wealth management
Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...
and trust services. In 1987, they listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
as (symbol: FED). Subsequently, in 1989, they changed their name from First Federal Savings Bank to First Federal Bank of California to reflect the California marketplace.
On December 18, 2009, First Federal Bank of California was closed by the Office of Thrift Supervision
Office of Thrift Supervision
The Office of Thrift Supervision was a United States federal agency under the Department of the Treasury that charters, supervises, and regulates all federally- and state-chartered savings banks and savings and loans associations. It was created in 1989 as a renamed version of another federal agency...
. The assets and deposits of Federal Bank of California in Santa Monica were bought by closely held OneWest Bank. The FDIC estimates the failure of First Federal Bank of California will cost the deposit insurance fund $10.0 million. (Revised loss amount December 2010)
External links
- https://www.firstfedca.com
- http://news.moneycentral.msn.com/ticker/article.aspx?symbol=US:FED&feed=BW&date=20081117&id=9385483
- http://latimesblogs.latimes.com/money_co/2009/12/chairman-steps-down-at-lossbattered-first-federal-bank-of-california.html
- http://www.fdic.gov/bank/individual/failed/firstfederal-ca.html
- https://www.owb.com