Failed Bank Report: Claim Insured Deposits at Banks in FDIC Receivership

Community Bank of Arizona - Phoenix, AZ

Arizona Missing Money

Community Bank of Arizona unclaimed money



find lost bank account - Community Bank

August 14, 2009: Community Bank of Arizona, Phoenix, AZ was closed by the Arizona Department of Financial Institutions. The Federal Deposit Insurance Corporation was named Receiver.

As of June 30, 2009, Community Bank of Arizona had total assets of $158.5 million and total deposits of approximately $143.8 million.

The FDIC entered into a purchase and assumption agreement with MidFirst Bank, Oklahoma City, Oklahoma, to assume all of the deposits of Community Bank of Arizona.

All deposit accounts have been transferred to MidFirst Bank, Oklahoma City, OK and are available immediately. On Monday, August 17, 2009, the four former Community Bank of Arizona locations will reopen as branches of MidFirst Bank.

Transferred deposits will be separately insured from any accounts you may already have at MidFirst Bank for six months after the failure of Community Bank of Arizona.

All interest accrued through Friday, August 14, 2009, will be paid at your same rate; however MidFirst will be reviewing rates.

MidFirst Bank
501 NW Grand Boulevard
Oklahoma City, OK 73118
1-888-643-3477
http://www.midfirst.com

In addition to assuming all of the deposits of the failed bank, MidFirst Bank agreed to purchase approximately $125.5 million of assets. The FDIC and MidFirst Bank entered into a loss-share transaction on approximately $55.1 million of Community Bank of Arizona's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $25.5 million.

For additional information and assistance contact the FDIC at: 1-800-913-3058; or go to: http://www.fdic.gov/bank/individual/failed/community-az.html

2009 FDIC Insured Failed Banks
 
 
 
 
Community Bank of Arizona
2700 N. Central Avenue, Suite 200
Phoenix, AZ 85004
http://www.communitybankaz.com
 

Established on 11/25/2003 as
Cactus Commerce Bank
 

Assets: $159 million
Deposits: $144 million
 
 
Cost to FDIC: $26 million

 

 
 

History: Established on 11/25/2003 as Cactus Commerce Bank
02/16/2007 - Changed name to Community Bank Of Arizona

Consumer Alert

Unclaimed FDIC Insured Deposits

There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.

Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.

This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.

In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.

Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.

It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.

For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Funds Search


Creditor Claims: Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process. If you provided a service for Community Bank of Arizona and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Community Bank of Arizona
1601 Bryan Street
Dallas, TX  75201
Attention: Claim Agent
1-800-568-9161



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