Skip to main content
U.S. flag
An official website of the United States government
Dot gov
The .gov means it’s official. 
Federal government websites often end in .gov or .mil. Before sharing sensitive information, make sure you’re on a federal government site.
Https
The site is secure. 
The https:// ensures that you are connecting to the official website and that any information you provide is encrypted and transmitted securely.
Bank Failures

Failed Bank Information for First Federal Bank of California, F.S.B., Santa Monica, CA

On Friday, December 18, 2009, First Federal Bank of California, a Federal Savings Bank was closed by the Office of Thrift Supervision. The FDIC was named Receiver. OneWest Bank, FSB, Pasadena, CA acquired all deposit accounts.

The FDIC as Receiver for First Federal Bank of California, a Federal Savings Bank, Santa Monica, CA has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on June 29, 2021 and has made all dividend distributions required by law.

Effective October 1, 2021, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.

Receivership Status: TERMINATED

Icon for Notice of Termination

Notice of Termination

Effective Date: October 1, 2021
Icon for Notice of Intent to Terminate

Notice of Intent to Terminate

Publication Date: June 29, 2021
Icon for Dividend Information

Dividend Information

Report on dividends paid
Icon for Press Release

Press Release

Official press release

Beware of scams!


Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.

ACQUIRING INSTITUTION: OneWest Bank, FSB

About OneWest Bank, FSB

All deposit accounts were transferred to OneWest Bank, FSB, Pasadena, CA ("assuming institution"). Former First Federal Bank of California, a Federal Savings Bank locations reopened as branches of OneWest Bank, FSB.

Your transferred deposits were separately insured from any accounts you may have already had at OneWest Bank, FSB for at least six months after the failure of First Federal Bank of California, a Federal Savings Bank.

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with OneWest Bank, FSB as long as the deposits are not pledged as collateral for loans.

Contacting OneWest Bank, FSB

OneWest Bank, FSB has changed its legal name and is currently doing business as CIT Bank, National Association.

You can contact CIT Bank, National Association:

CIT Bank, National Association
95 South Lake Ave
Pasadena, CA 91103

Transaction Documentation

Purchase & Assumption Agreement
Agreement between FDIC and acquiring institution

Bid Summary
Report on the bids to purchase the failed bank

Last Updated: May 21, 2024