First Arizona Savings, A FSB, Scottsdale, Arizona

First Arizona Savings, A FSB, Scottsdale, Arizona, becomes the 139th FDIC-insured institution to fail this year. However the FDIC was unable to find a suitor for the ailing bank.  So, checks to depositors for their insured funds will be mailed on Monday, October 25. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $32.8 million. First Arizona Savings, A FSB is the 139th FDIC-insured institution to fail this year, and the third in Arizona.

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of First Arizona Savings, A FSB, Scottsdale, Arizona. The bank was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver.

The FDIC was unable to find another financial institution to take over the banking operations of First Arizona Savings, A FSB. As a result, checks to depositors for their insured funds will be mailed on Monday, October 25. Customers who have questions about their deposits should contact the FDIC at the toll-free phone number below.

As of June 30, 2010, First Arizona Savings, A FSB had approximately $272.2 million in total assets and $198.8 million in total deposits. At the time of closing, the bank had an estimated $5.8 million in uninsured funds. This amount is an estimate that is likely to change once the FDIC obtains additional information from the bank’s customers.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-830-4698. Customers with accounts in excess of $250,000 also should contact the toll-free number to set up a telephone appointment to discuss their deposits. The phone number will be operational this evening until 9:00 p.m., Mountain Standard Time (MST); on Saturday from 9:00 a.m. to 6:00 p.m., MST; and on Sunday from noon to 6:00 p.m., MST; and thereafter from 8:00 a.m. to 8:00 p.m., MST. Interested parties also can visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/firstazfsb.html

Beginning on Monday, customers of First Arizona Savings, A FSB with deposits exceeding $250,000 at the bank may visit the FDIC’s Web page “Is My Account Fully Insured?” athttps://www2.fdic.gov/drrip/afi/index.asp.

If you should have any further questions, please do not hesitate to visit the FDIC website for First Arizona Savings.