Bank Failure
Desert Hills Bank
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Closed March 26, 2010 · Phoenix, AZ · FDIC Cert #57060.
- Closing date
- March 26, 2010
- Headquarters
- Phoenix, AZ
- FDIC Certificate
- 57060
- Total assets at closing
- $496.6M
- Total deposits at closing
- $426.5M
- Estimated loss to the insurance fund
- $108.9M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- New York Community Bank
Context
On March 26, 2010, regulators closed Desert Hills Bank, headquartered in Phoenix, AZ. At closing, the institution held approximately $496.6M in assets and $426.5M in deposits. The FDIC record names New York Community Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $108.9M.
By assets at closing this is the 379th largest of the 3,526 bank failures in the FDIC record, and the 44th of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Desert Hills Bank fail?
Desert Hills Bank was closed by regulators on March 26, 2010.
Who acquired Desert Hills Bank?
The FDIC record names New York Community Bank as the acquiring institution in the resolution of Desert Hills Bank.
How big was Desert Hills Bank when it failed?
Desert Hills Bank had approximately $496.6M in total assets and $426.5M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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