Bank Failure
Towne Bank of Arizona
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Closed May 7, 2010 · Mesa, AZ · FDIC Cert #57697.
- Closing date
- May 7, 2010
- Headquarters
- Mesa, AZ
- FDIC Certificate
- 57697
- Total assets at closing
- $120.2M
- Total deposits at closing
- $113.2M
- Estimated loss to the insurance fund
- $44.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Commerce Bank of Arizona
Context
On May 7, 2010, regulators closed Towne Bank of Arizona, headquartered in Mesa, AZ. At closing, the institution held approximately $120.2M in assets and $113.2M in deposits. The FDIC record names Commerce Bank of Arizona as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $44.3M.
By assets at closing this is the 1085th largest of the 3,526 bank failures in the FDIC record, and the 112th 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 Towne Bank of Arizona fail?
Towne Bank of Arizona was closed by regulators on May 7, 2010.
Who acquired Towne Bank of Arizona?
The FDIC record names Commerce Bank of Arizona as the acquiring institution in the resolution of Towne Bank of Arizona.
How big was Towne Bank of Arizona when it failed?
Towne Bank of Arizona had approximately $120.2M in total assets and $113.2M 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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