Company type | Public |
---|---|
Industry | Banking |
Founded | 1929 |
Defunct | 2009 |
Successor | OneWest Bank |
Headquarters | Los Angeles, California |
Key people | Babette Heimbuch, CEO |
Revenue | $439 million |
Number of employees | 600 |
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.