by Calculated Risk on 9/04/2009 09:13:00 PM

Five fail this Friday
First State Bank falls forcefully
Feds funds are famished.
by Soylent Green is People
From the FDIC: Sunwest Bank, Tustin, California, Assumes All of the Deposits of First State Bank, Flagstaff, Arizona

First State Bank, Flagstaff, 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 Sunwest Bank, Tustin, California, to assume all of the deposits of First State Bank.
...
As of July 24, 2009, First State Bank had total assets of $105 million and total deposits of approximately $95 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $47 million. .... First State Bank is the 89th 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 Union Bank, National Association, Gilbert, on August 14, 2009.

Five more today ... so far.