Friday, July 15, 2011

Bank Failure #55: Summit Bank, Prescott, AZ

by Calculated Risk on 7/15/2011 09:18:00 PM

Standstill savings skid
Setback Summit soon shutdown
Shambled shipwreck sunk!

by Soylent Green is People

From the FDIC: The Foothills Bank, Yuma, Arizona, Assumes All of the Deposits of Summit Bank, Prescott, Arizona
As of March 31, 2011, Summit Bank had approximately $72.0 million in total assets and $66.4 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.3 million. ... Summit Bank is the 55th FDIC-insured institution to fail in the nation this year, and the second in Arizona.
That makes four today.

Earlier:
• From the NY Fed: Empire State Manufacturing Survey indicates conditions deteriorated in July
Consumer Sentiment declines sharply in July
Industrial Production increased 0.2% in June, Capacity Utilization unchanged
Eight Banks Fail European Stress Tests
Key Measures of Inflation ease in June