Failed Bank List

Closed Friday, August 14, 2009 · Phoenix, Maricopa County, Arizona

Community Bank of Arizona

No bank in Arizona had failed for seven years, since NextBank, NA closed in 2002. In the three years to the second quarter of 2009, Community Bank of Arizona's assets grew 283%. It was the largest of two banks handed to MidFirst Bank together on the day it closed.

On the books, 2003 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$40M$80M$120M$160M20042005200620072008Closed
Total assets were at their highest of these 23 quarters in the final report, for the second quarter of 2009. Equity capital went from 82% of assets in the fourth quarter of 2003 to 8.6% at the last report. By then 28% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in six of its final seven reporting years. The deepest annual loss, $13.4 million, was booked in 2008.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$16M−$16M2003: −$165 thousand200382%2004: −$644 thousand200422%2005: −$44 thousand200513%2006: $159 thousand200644%2007: −$135 thousand200734%2008: −$13.4 million200813%2009: −$6.7 million2009*8.6%
* 2009: January to June only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; Community Bank of Arizona in red.

By assets it ranked 96th of the 140 failures in 2009. Within Arizona it ranks 15th by size of the 44 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was First BankAmericano of Elizabeth, New Jersey ($163 million, loss 12% of assets); just below, First National Bank of Anthony of Anthony, Kansas ($157 million, loss 21% of assets). Every 2009 failure in the explorer.

Closed together

With Community Bank of Arizona, the group reported $278 million in assets, and the FDIC's estimated loss on all two is $78.7 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
Union Bank, National AssociationGilbert, AZ$120 million$52.0 million1998

Regulators closed five banks that day. The largest of the others outside this group was Colonial Bank of Montgomery, Alabama, at $25.5 billion.

Failures in Arizona

It was one of five banks in Arizona to fail in 2009. The next was First State Bank of Flagstaff, on September 4, 2009. Maricopa County has 35 failed banks on FDIC record since 1934. Closest in time: Union Bank, National Association (2009), Bank USA, N.A. (2009), Valley Capital Bank, N.A. (2009), Desert Hills Bank (2010), Towne Bank of Arizona (2010).

Bank failures in Arizona per year, 1980 to 20260369121981: 11988: 21989: 111990: 81991: 21992: 32002: 12009: 52010: 42011: 32013: 319801990200020102020
Per year since 1980, 2009 in red. Every Arizona failure

FDIC certificate 57645 · loss estimate as of July 31, 2026 · How to read this page