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Economy
In reply to the discussion: Weekend Economists Sit on a Wall August 23-25, 2013 [View all]Demeter
(85,373 posts)15. AND ANOTHER IN ARIZONA (HI TANSY!)
Sunrise Bank of Arizona, Phoenix, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Fidelity Bank, National Association, Oklahoma City, Oklahoma, to assume all of the deposits of Sunrise Bank of Arizona.
The six branches of Sunrise Bank of Arizona will reopen as branches of First Fidelity Bank, National Association during their normal business hours...As of June 30, 2013, Sunrise Bank of Arizona had approximately $202.2 million in total assets and $196.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Fidelity Bank, National Association agreed to purchase essentially all of the assets...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.0 million. Compared to other alternatives, First Fidelity Bank, National Associations acquisition was the least costly resolution for the FDIC's DIF. Sunrise Bank of Arizona is the 20th FDIC-insured institution to fail in the nation this year, and the third in Arizona. The last FDIC-insured institution closed in the state was Central Arizona Bank, Scottsdale, on May 14, 2013.
The six branches of Sunrise Bank of Arizona will reopen as branches of First Fidelity Bank, National Association during their normal business hours...As of June 30, 2013, Sunrise Bank of Arizona had approximately $202.2 million in total assets and $196.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Fidelity Bank, National Association agreed to purchase essentially all of the assets...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.0 million. Compared to other alternatives, First Fidelity Bank, National Associations acquisition was the least costly resolution for the FDIC's DIF. Sunrise Bank of Arizona is the 20th FDIC-insured institution to fail in the nation this year, and the third in Arizona. The last FDIC-insured institution closed in the state was Central Arizona Bank, Scottsdale, on May 14, 2013.
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