Historical Institution: American Savings and Loan Association of California no longer exists. This article documents its history for users researching the institution.
The S&L Crisis and Collapse (1988)
American Savings and Loan Association was an American savings and loan based in Stockton, California. Founded in 1922 as State Savings & Loan Association, it grew to become one of the largest thrifts in the United States with $30 billion in assets at its peak.
In 1988, it became the largest thrift failure of the savings and loan crisis—the federal government’s costliest resolution at an estimated $5.4 billion. The collapse came after:
- A $7 billion deposit run in 1984 following a $1.1 billion loss on bad investments
- A $468 million loss in 1987 that left the thrift technically insolvent
- Placement in receivership in September 1988
Restructuring and Sale
After the collapse, the thrift was split into a “good bank” and “bad bank” (New West Federal Savings Bank). The Robert M. Bass Group of Fort Worth acquired the good assets in December 1988, investing $500 million while the federal government contributed $1.7 billion. The restructured institution was renamed American Savings Bank, F.A.
American Savings Bank subsequently acquired deposits and branches from Columbia Savings and Loan (1991), Far West Savings and Loan (1992), Valley Federal S&L (1992), and Encino Savings Bank (1994).
Final Acquisition Chain
In 1996, American Savings Bank was purchased by Washington Mutual Bank for $1.2 billion. Washington Mutual itself failed in September 2008—the largest bank failure in U.S. history—and was acquired by JPMorgan Chase Bank.
For Former Customers
If you had accounts with American Savings Bank of California, your accounts would have transitioned through Washington Mutual and ultimately to JPMorgan Chase. For account inquiries related to this institution, contact Chase Bank.
Note: This is a different institution from American Savings Bank Hawaii, which remains independently operated.
Last Updated on January 3, 2026
URL: https://log-in.me/americansavingsbankcalifornia/