U.S. federal regulators seized assets of the bank in 1989.[1] Its assets included $13.4 billion and the Los Angeles Equestrian Center, later transferred to Del Ray, a Burbank-based development firm.[1][2] At the time, it was one of the largest insolvencies in U.S. history. It was later acquired by Security Pacific National Bank, then the fifth largest bank in the United States.[1]