Each depositor insured to at least $250,000 per insured bank

Failed Bank Information

Information for First State Bank, Flagstaff, AZ

  1. Introduction
  2. Press Release
  3. Acquiring Financial Institution
  4. Priority of Claims
  5. Dividend Information
  6. Purchase and Assumption Agreement (3.3 mb PDF File - PDF Help)
  7. Bid Summary
  8. Receivership Termination
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I.  Introduction

On Friday, September 4, 2009, First State Bank, Flagstaff, AZ was closed by the Arizona Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.

The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividend distributions as required by law and the receivership is deemed terminated.

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II.  Press Release

The FDIC has issued a press release (PR-165-2009) about the institution's closure.  If you represent a media outlet and would like information about the closure, please contact David Barr at 1-202-898-6992.

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III.  Acquiring Financial Institution

All deposit accounts, excluding certain brokered deposits, have been transferred to Sunwest Bank, Tustin, CA ("assuming institution") and will be available immediately.  On Tuesday, September 8, 2009, the former First State Bank locations will reopen as branches of Sunwest Bank.

Your transferred deposits will be separately insured from any accounts you may already have at Sunwest Bank for six months after the failure of First State Bank. Checks that were drawn on First State Bank that did not clear before the institution closed will be honored as long as there are sufficient funds in the account.  If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative regarding deposit insurance by calling 1-800-537-4048.

For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.

EDIE - FDIC's Electronic Deposit Insurance Estimator

You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Sunwest Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Sunwest Bank by visiting their web site.

Sunwest Bank (www.sunwestbank.com)

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IV.  Priority of Claims

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

  1. Depositors
  2. General Unsecured Creditors
  3. Subordinated Debt
  4. Stockholders
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V.  Dividend Information


Dividend History on First State Bank

Dividend Information on Failed Financial Institutions

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VIII.  Receivership Termination

The FDIC as Receiver for First State Bank, Flagstaff, AZ has taken all actions necessary to terminate the Receivership Estate.

The Receiver published a legal notice of intent to terminate the receivership on July 24, 2014.

The Receiver has made all dividend distributions required by law.

Effective December 1, 2014, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.

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Last Updated 02/05/2015 cservicefdicdal@fdic.gov