Wealth Finance

Standstill savings skid
Setback Summit soon shutdown
Shambled shipwreck sunk!
by Soylent Green is People
From the FDIC: The Foothills Bank, Yuma, Arizona, Assumes All of the Deposits of Summit Bank, Prescott, Arizona

As of March 31, 2011, Summit Bank had approximately $72.0 million in total assets and $66.4 million in total deposits. … The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.3 million. … Summit Bank is the 55th FDIC-insured institution to fail in the nation this year, and the second in Arizona.

That makes four today.

Earlier: Consumer Sentiment declines sharply in July Eight Banks Fail European Stress Tests

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