Bank Failure
Central Arizona Bank
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Closed April 26, 1990 · Chandler, AZ · FDIC Cert #23002.
- Closing date
- April 26, 1990
- Headquarters
- Chandler, AZ
- FDIC Certificate
- 23002
- Total assets at closing
- $6.6M
- Total deposits at closing
- $7.1M
- Estimated loss to the insurance fund
- $1.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Security Pacific Bank Arizo
Context
On April 26, 1990, regulators closed Central Arizona Bank, headquartered in Chandler, AZ. At closing, the institution held approximately $6.6M in assets and $7.1M in deposits. The FDIC record names Security Pacific Bank Arizo as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $1.0M.
By assets at closing this is the 2921st largest of the 3,526 bank failures in the FDIC record, and the 376th of 381 in 1990. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Central Arizona Bank fail?
Central Arizona Bank was closed by regulators on April 26, 1990.
Who acquired Central Arizona Bank?
The FDIC record names Security Pacific Bank Arizo as the acquiring institution in the resolution of Central Arizona Bank.
How big was Central Arizona Bank when it failed?
Central Arizona Bank had approximately $6.6M in total assets and $7.1M in deposits at the time of failure.
Other failures in 1990
| Date | Bank | Assets |
|---|---|---|
| Dec 28, 1990 | Capitol Bank and Trust Company | $485.6M |
| Dec 28, 1990 | Southern FS | $230.8M |
| Dec 28, 1990 | First FS & La of Andalusia | $38.7M |
| Dec 27, 1990 | Enterprise Savings Bank, F.A. | $432.6M |
| Dec 21, 1990 | Arkansas FSB | $71.7M |
| Dec 15, 1990 | Mid-America FS & La | $1.21B |
| Dec 14, 1990 | Community FS & La | $1.98B |
| Dec 14, 1990 | Comfed Savings Bank | $1.40B |
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