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First Federal Bank of California

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 of California
Company typePublic
IndustryBanking
Founded1929
Defunct2009
SuccessorOneWest Bank
HeadquartersLos Angeles, California
Key people
Babette Heimbuch, CEO
Revenue$439 million
Number of employees
600

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

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First Federal Bank of California was founded in 1929 by William S. Mortensen, and later became an institution called First Federal Savings and Loan Association of Santa Monica.

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. As of December 2010, the FDIC estimates the failure of First Federal Bank of California will cost the deposit insurance fund $10.0 million.

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