Friday, March 26, 2010

Bank Failure #41: Desert Hills Bank, Phoenix, Arizona

by Calculated Risk on 3/26/2010 07:03:00 PM

The hills are alive...
Not with the sound of money
But with banks failing

by Soylent Green is People

From the FDIC:New York Community Bank, Westbury, New York, Assumes All of the Deposits of Desert Hills Bank, Phoenix, Arizona
Desert Hills Bank, Phoenix, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of December 31, 2009, Desert Hills Bank had approximately $496.6 million in total assets and $426.5 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $106.7 million. .... Desert Hills Bank is the 40th FDIC-insured institution to fail in the nation this year, and the first in Arizona. The last FDIC-insured institution closed in the state was Valley Capital Bank, N.A., Mesa, on December 11, 2009.
Hey - the FDIC used #40 twice! This is really 41 ...