Friday, November 12, 2010

Bank Failure #146: Copper Star Bank, Scottsdale, AZ

by Calculated Risk on 11/12/2010 07:29:00 PM

Tarnished Copper Star
Fed burnishing to return
Like a bad penny.

by Soylent Green is People

From the FDIC: Stearns Bank National Association, St. Cloud, Minnesota, Assumes All of the Deposits of Copper Star Bank, Scottsdale, Arizona
As of September 30, 2010, Copper Star Bank had approximately $204.0 million in total assets and $190.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $43.6 million. ... Copper Star Bank is the 146th FDIC-insured institution to fail in the nation this year, and the fourth in Arizona.
Three down today so far ...