FDIC 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 (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.
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