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First Fidelity Bank in Oklahoma Assumes Deposits of Sunrise Bank of Arizona

 

Aug 26 - Sunrise Bank of Arizona, Phoenix, has been closed by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Fidelity Bank, National Association, Oklahoma City, Okla., to assume all of the deposits of Sunrise Bank of Arizona.

As of June 30, 2013, Sunrise Bank of Arizona had approximately $202.2 million in total assets and $196.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Fidelity Bank, National Association agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-430-7974.  Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/sunrisebank-az.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $17 million. Compared to other alternatives, First Fidelity Bank, National Associationís acquisition was the least costly resolution for the FDIC's DIF. Sunrise Bank of Arizona is the 20th FDIC-insured institution to fail in the nation this year, and the third in Arizona. The last FDIC-insured institution closed in the state was Central Arizona Bank, Scottsdale, on May 14, 2013.


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