Closed Thursday, February 7, 2002 · Phoenix, Maricopa County, Arizona
NextBank, NA
No bank in Arizona had failed for nine years, since Columbia Bank closed in 1992. No bank took over NextBank, NA's deposits: the FDIC paid insured depositors directly. In the three years to the third quarter of 2001, its assets grew 36,644%.
On the books, 1994 to 2001
Total assets peaked at $909 million and were 23% lower at the final report. Equity capital went from 96% of assets in the first quarter of 1994 to 9.3% at the last report. It reported a net loss in three of its final eight reporting years. The deepest annual loss, $91.0 million, was booked in 2001.
Size against the other 2002 failures
Total assets of each 2002 failure, log scale; NextBank in red.
It was the second-largest of the 11 bank failures in 2002. Within Arizona it ranks sixth by size of the 44 failures recorded since 1934. Across the failures of 2002, the median estimated loss came to 16% of assets. Ranked by estimated loss, it is 226th of 2,944 failures since 1934. In the size ranking of that year, just above it was Hamilton Bank, N.A. of Miami, Florida ($1.4 billion, loss 7.2% of assets); just below, Connecticut Bank of Commerce of Stamford, Connecticut ($384 million, loss 14% of assets). Every 2002 failure in the explorer.
Failures in Arizona
The next was Community Bank of Arizona of Phoenix, on August 14, 2009. Maricopa County has 35 failed banks on FDIC record since 1934. Closest in time: Community Bank of Arizona (2009), Union Bank, National Association (2009), Bank USA, N.A. (2009), Valley Capital Bank, N.A. (2009), Desert Hills Bank (2010).