Failed Bank Information

Information for First Arizona Savings, a F.S.B., Scottsdale, AZ

1. Introduction
2. Press Release
3. Is My Account Fully Insured?
4. Acquiring Financial Institution
5. Question and Answer Guide
6. Banking Services
7. Loan Customers
8. Possible Claims Against the Failed Institution
9. Priority of Claims
10. Dividend Information
11. Brokered Deposits
12. First Arizona Savings, a F.S.B. Contact Information
13. Balance Sheet Summary

I.  Introduction

On Friday, October 22, 2010, First Arizona Savings, a F.S.B., Scottsdale, AZ was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information, which should answer many of your questions.

II.  Press Release

The FDIC has issued a press release (PR-237-2010) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact LaJuan Williams-Young at
1-202-898-3876.

III.  Is My Account Fully Insured

Simply enter your account number in the search screen. If you receive the message that "your account is fully insured" a link will appear that provides you with additional information. If you receive the message that you should contact the FDIC, then a link will appear that provides you contact information.

Is My Account Fully Insured?

V.  Acquiring Financial Institution

Principal and interest on insured accounts, through Friday, October 22, 2010, are fully insured by the FDIC, up to the insurance limit of $250,000.  You will receive full payment for your insured account.  Certain entitlements and different types of accounts can be insured for more than the $250,000 limit.  IRA funds are insured separately from other types of accounts, up to a $250,000 limit.

All interest bearing accounts that exceed the $250,000 insurance limit and/or all interest bearing accounts that appear to be related and exceed this limit are reviewed by the FDIC to determine their ownership and insurance coverage.  If you think you might have uninsured deposits, you should call the FDIC Call Center to arrange for a telephone interview with a Claims Agent at 1-800-830-4698. The Claim Agent may direct you to download and submit a particular form that will assist in expediting the processing of your claim.

List of Affidavits, Declarations, and Forms available for download

Please return the forms to the FDIC by FAX (facsimile) or mail at the number or address listed for the failed institution.

FDIC Call Center
1-800-830-4698
Hours of Operation
All Hours are Pacific Time
Friday, October 22, 2010: Until 9:00 PM
Saturday, October 23, 2010: 9:00 AM – 6:00 PM
Sunday, October 24, 2010: 12:00 PM – 6:00 PM
Thereafter: 8:00 AM – 8:00 PM

If it is determined that you have uninsured funds, the FDIC will generate and mail to you a Receiver Certificate. This certificate entitles you to share proportionately in any funds recovered through the disposal of the assets of First Arizona Savings, a F.S.B.. This means that you may eventually recover some of your uninsured funds.

To find out more about FDIC Deposit Insurance:

• Visit EDIE the FDIC's Electronic Deposit Insurance Estimator
• View the FDIC Deposit Insurance Coverage Video

V.  Banking Services

On Friday, October 22, 2010, all accounts have been closed and you will receive a check up to your insured amount and a final statement from the FDIC. You will no longer have access to the website and online services. Back to top

VI.  Loan Customers

If you had a loan with First Arizona Savings, a F.S.B., you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract, because they are contractually agreed to in your promissory note with the failed institution. Make checks payable to First Arizona Savings and send them to:

If you have further questions regarding an existing loan, please contact your loan officer.

Please see A Borrower’s Guide to an FDIC Insured Bank Failure for additional information.

VII.  Possible Claims Against the Failed Institution

Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. If you or your company provided a service or product, leased space, furniture, or equipment to First Arizona Savings, a F.S.B. after Friday, October 22, 2010 and have not been paid, you do not have a claim against First Arizona Savings, a F.S.B.. Please follow your normal billing procedures by providing an invoice as instructed.

If you or your company provided a service or product, leased space, furniture, or equipment to First Arizona Savings, a F.S.B. prior to Friday, October 22, 2010 and have not been paid, you may be entitled to a claim against the bank. If you provided a product to or a service for First Arizona Savings, a F.S.B. prior to the bank's failure for which you have not been paid and you have not received communication, please contact:

Please note: There are time limits for filing a claim, your claim must be filed on or before 01/26/2011.

First Arizona Savings, a F.S.B. had no publicly owned stock. Equity shareholders were invested in the holding company, FASLA Holding Company, Scottsdale, AZ, and not in the bank. Please do not file a claim with the Receiver, rather, contact the holding company with any questions you may have at: 

Back to top

VIII.  Priority of Claims

In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:

Depositors

General Unsecured Creditors

Subordinated Debt

Stockholders

IX.  Dividend Information