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Friday, January 07, 2011

Bank Failure #2 for 2011: Legacy Bank, Scottsdale, Arizona

by Calculated Risk on 1/07/2011 07:28:00 PM

Debt has exploded
Assets evaporated
I am Legacy

by Soylent Green is People

From the FDIC: Enterprise Bank & Trust, St. Louis, Missouri, Assumes All of the Deposits of Legacy Bank, Scottsdale, Arizona
As of September 30, 2010, Legacy Bank had approximately $150.6 million in total assets and $125.9 million in total deposits ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27.9 million. ... Legacy Bank is the second FDIC-insured institution to fail in the nation this year, and the first in Arizona