Eureka Federal Savings was an American thrift based in San Carlos, California which operated primarily in the San Francisco Bay Area, with 35 branches at the thrift's height.
| Company type | Savings and Loan |
|---|---|
| Industry | Financial services |
| Founded | 1890 |
| Defunct | 1988 |
| Fate | Insolvency banking assets were sold to private investors, becoming EurekaBank |
| Successor | U.S. Bank through EurekaBank, Bay View Bank |
| Headquarters | San Carlos, CA |
| Products | interest bearing accounts, certificates of deposit, and home loans |
| Parent | Eureka Federal Savings and Loan |
Founded in 1890, it was one of the oldest savings and loan organizations in California. Being a savings and loan, it was known primary for interest bearing accounts, certificates of deposit, and home loans, before its eventual downfall in 1988.
History
editEureka Federal Savings was founded in 1890.
Collapse
editLike many other savings and loans of its time, Eureka Federal made risky investments in the 1980s, primarily in the Las Vegas, Nevada, casino market. Many of its investments soured, and the thrift was seized by the Federal Savings and Loan Insurance Corporation in 1988. It was sold to private investors, and became EurekaBank, a Federal Savings Bank.
Sponsorships
editEureka Federal Savings was the sponsor of the one-time Eureka Federal Savings Classic, a pro golf tournament on the Champions Tour, held in San Francisco in 1981.
Popular culture
editThe Eureka Federal Savings name was revived, temporarily, for filming of the 2008 film Milk. During filming on Castro Street, the U.S. Bank branch, the final owner of Eureka's assets, was temporarily rebranded as Eureka Federal Savings, for a certain scene in the movie.[importance?][original research?]