FIs closed: Summit Bank, Prescott, Arizona, USA
On Friday, 151 July, 2011, Summit Bank, Prescott, AZ was closed by the Arizona Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Foothills Bank, Yuma, Arizona, to assume all of the deposits of Summit Bank.
The sole branch of Summit Bank will reopen on Monday 18 July 2011 as a branch of The Foothills Bank.
As of 31 March, 2011, Summit Bank had approximately USD72.0 million in total assets and USD66.4 million in total deposits.
The Foothills Bank will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Summit Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD11.3 million.
Summit Bank is the 55th FDIC-insured institution to fail in the USA this year and the second in Arizona.
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