Banking / Loans

  1. Home
  2. Business & Finance
  3. Banking / Loans
photo of Justin Pritchard

Justin's Banking / Loans Blog

By Justin Pritchard, About.com Guide to Banking / Loans since 2005

First National Bank of Arizona Fails Quietly

Monday July 28, 2008
First National Bank of Arizona was taken over by regulators over the weekend, but the event was much less eventful than the IndyMac Bank failure. Customers sound indifferent based on news reports, partly because their funds are guaranteed - even above FDIC insurance limits.

Mutual of Omaha Bank purchased the failed bank along with several others. FDIC staff visited banks to reassure worried customers, but nobody showed up to worry. The FDIC's David Barr was on duty at one bank, but said

"I feel like the Maytag repairman — there's just not much to do...".
The FDIC has been increasing staff to prepare for more bank failures in the coming months. Hopefully they'll all be this easy.

Comments

No comments yet. Leave a Comment

Leave a Comment

Line and paragraph breaks are automatic. Some HTML allowed: <a href="" title="">, <b>, <i>, <strike>

Discuss

Community Forum

Explore Banking / Loans

More from About.com

Banking / Loans

  1. Home
  2. Business & Finance
  3. Banking / Loans

©2008 About.com, a part of The New York Times Company.

All rights reserved.