On Friday, the Office of Thrift Supervision closed First Arizona Savings, A FSB, headquartered in Scottsdale, Arizona, and appointed the FDIC as receiver. As receiver the FDIC was unable to find another financial institution to take over the banking operations of failed bank.
As of June 30, 2010, First Arizona Savings, A FSB had approximately $272.2 million in total assets and $198.8 million in total deposits. At the time of closing, the bank had an estimated $5.8 million in uninsured funds.
The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $32.8 million. First Arizona Savings, A FSB is the 139th FDIC-insured institution to fail this year, and the third in Arizona.