Community Bank of Arizona, Phoenix, AZ

Community Bank of Arizona, Phoenix, AZ, became today one of the 77 bank closures of 2009 when it was closed by the FDIC.

Community 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 MidFirst Bank, Oklahoma City, Oklahoma, to assume all of the deposits of Community Bank of Arizona.

The four branches of Community Bank of Arizona will reopen on Monday as branches of MidFirst Bank. Depositors of Community Bank of Arizona will automatically become depositors of MidFirst Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until MidFirst Bank can fully integrate the deposit records of Community Bank of Arizona.

Over the weekend, depositors of Community Bank of Arizona can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of June 30, 2009, Community Bank of Arizona had total assets of $158.5 million and total deposits of approximately $143.8 million. In addition to assuming all of the deposits of the failed bank, MidFirst Bank agreed to purchase approximately $125.5 million of assets. The FDIC will retain the remaining assets for later disposition.

For more information, visit the official FDIC webpage for Community Bank of Arizona.

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