Central Arizona Bank Fails – Third Bank Failure In A Week For Capitol Bancorp, Ltd

In an unusual weekday action, state regulators closed Central Arizona Bank, Scottsdale, AZ, and appointed the FDIC as receiver.  To protect depositors, the FDIC sold the failed bank to Western State Bank, Devils Lake, North Dakota, which will assume all deposits of Central Arizona Bank. With only $31.6 million in assets, the failure of Central […]

Will the Failure of Pisgah Community Bank Trigger the Collapse of 10 Related Banks?

Bank failures don’t come much smaller than today’s closing of Pisgah Community Bank, Asheville, N.C.  Total assets at Pisgah amounted to only $21.9 million, smaller than what many of the top executives take home in a year at the “too big to fail” banks. Pisgah Community Bank was established on May 15, 2008 on the […]