Gibraltar Savings and Loan Association was an American

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

operating in

California California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...

Washington Washington commonly refers to: * Washington (state), United States * Washington, D.C., the capital of the United States ** A metonym for the federal government of the United States ** Washington metropolitan area, the metropolitan area centered on ...

, and

Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...

. It was organized as a

savings and loan Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an I ...

and failed in 1989.

Overview

Its headquarters building at 9111 Wilshire Boulevard in

Beverly Hills Beverly Hills is a city located in Los Angeles County, California. A notable and historic suburb of Greater Los Angeles, it is in a wealthy area immediately southwest of the Hollywood Hills, approximately northwest of downtown Los Angeles. Bev ...

, was built in 1958, designed by William Pereira. U.S. federal regulators seized assets of the bank in 1989.Security Pacific Wins Gibraltar Savings Bid
by Richard W. Stevenson, ''

The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...

'', Thursday, June 28, 1990 Its assets included $13.4 billion and the Los Angeles Equestrian Center, later transferred to Del Ray, a

Burbank Burbank may refer to: Places Australia * Burbank, Queensland, a suburb in Brisbane United States * Burbank, California, a city in Los Angeles County * Burbank, Santa Clara County, California, a census-designated place * Burbank, Illinois, ...

-based development firm.Horrace A. Laffaye, ''Polo in the United States: A History'', MacFarland & Company, 2011, p. 230 At the time, it was one of the largest insolvencies in U.S. history. It was later acquired by

Security Pacific National Bank Security Pacific National Bank (SPNB) was a large U.S. bank headquartered in Los Angeles, California. It was acquired by Bank of America in 1992. History On September 1, 1868, Hellman, Temple and Co. opened their first bank branch in Los ...

, then the fifth largest bank in the United States.

References

* Two savings units with large losses taken over by U.S. ''New York Times'' April 1, 198

* Ex-Gibraltar S&L Chief Fixes Blame : Thayer Says Money Brokers Caused Liquidity Problems ''Los Angeles Times'' April 4, 198

* The Rock In Pieces : How Gibraltar Savings Made a Mess of Itself, Ending Up in the Hands of Federal Regulators ''Los Angeles Times'' April 16, 198

* Gibraltar To Sell Off Portfolio ''New York Times'' June 3, 198

* Gibraltar Thrifts' Loss Hits $337.5 Million in Quarter ''Los Angeles Times'' August 26, 198

* Drexel's Junk Network : U.S. Says the Firm Had Some Local S&Ls on Very Sweet Strings ''Los Angeles Times'' November 16, 199

* RTC Files Suit Against Nine Ex-Officials of Gibraltar Savings AP News Archive October 2, 199

Savings and loan crisis Banks disestablished in 1989 Defunct banks of the United States William Pereira buildings {{Bank-stub