- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Purchase and Assumption Agreement (3.98 MB PDF File - PDF Help)
- Bid Summary
- Receivership Termination
On Friday, July 15, 2011, Summit Bank, Prescott, 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.Back to top
The FDIC has issued a press release (PR-122-2011) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact Greg Hernandez at 1-202-898-6984.Back to top
All deposit accounts, excluding certain brokered deposits, have been transferred to The Foothills Bank, Yuma, AZ ("assuming institution") and will be available immediately. The former Summit Bank location will reopen as a branch of The Foothills Bank during regular business hours.
Your transferred deposits will be separately insured from any accounts
you may already have at The Foothills Bank for six
months after the failure of Summit Bank. Checks
that were drawn on Summit 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 by calling 1-800-895-0586.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the 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 The Foothills Bank as long as the deposits are not pledged as collateral for loans. You may view more information about The Foothills Bank by visiting their web site.
The Foothills Bank (www.thefoothillsbank.com)Back to top
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
Back to top
The FDIC as Receiver for Summit Bank, has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in the Federal Register on March 26, 2014.
The Receiver has made all dividend distributions required by law.
Effective August 1, 2014, the Receivership Estate has been terminated, the Receiver was discharged and the Receivership Estate ceased existence as a legal entity.
Last Updated 08/19/2014 firstname.lastname@example.org