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Arizona Bank Closes, Bringing 2013 Tally to 13

A mid-week closing brought this year's bank failure tally to 13.

""FDIC"":http://fdic.gov/ announced Tuesday the closure of Central Arizona Bank (Scottsdale) by the Arizona Department of Financial Institutions. To protect depositors of the failed bank, FDIC entered into a purchase and assumption agreement with ""Western State Bank"":https://www.westernbanks.com/devils_lake.htm (Devils Lake, North Dakota).

In addition to assuming all of Central Arizona Bank's $30.8 million in deposits, Western State Bank will purchase ""essentially all"" $31.6 million in total assets.

FDIC estimates the cost to the Deposit Insurance Fund will be $8.6 million. Central Arizona Bank is the second to fail in the state this year.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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