Data / Bank failures / 2009 / First State Bank
First State Bank, Flagstaff, AZ: failed September 4, 2009
First State Bank in Flagstaff, Arizona, failed on September 4, 2009. Sunwest Bank of Tustin, CA, took over its deposits. It held $107.2 million in assets and $95.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $49.8 million (46.5% of its assets). By assets it was the 120th largest of 148 banks closed or assisted in 2009.
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The FDIC's record
- Closed
- September 4, 2009
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Sunwest Bank, Tustin, CA
- Total assets
- $107,235,000
- Total deposits
- $95,734,000
- Estimated cost to the FDIC
- $49,832,516 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 34875
Other bank failures in Arizona, 2007 to 2011
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Western National Bank | Phoenix | December 16, 2011 | $162.9 million | $144.5 million | $41.7 million | Washington Federal |
| Summit Bank | Prescott | July 15, 2011 | $73.1 million | $67.5 million | $14.9 million | The Foothills Bank |
| Legacy Bank | Scottsdale | January 7, 2011 | $136.4 million | $119.7 million | $32.2 million | Enterprise Bank & Trust |
| Copper Star Bank | Scottsdale | November 12, 2010 | $204 million | $190.2 million | $52.6 million | Stearns Bank, National Association |
| First Arizona Savings, A FSB | Scottsdale | October 22, 2010 | $255.9 million | $190.6 million | $26.8 million | |
| Towne Bank of Arizona | Mesa | May 7, 2010 | $120.2 million | $113.2 million | $44.3 million | Commerce Bank of Arizona |
| Desert Hills Bank | Phoenix | March 26, 2010 | $496.6 million | $426.5 million | $108.9 million | New York Community Bank |
| Valley Capital Bank, N.A. | Mesa | December 11, 2009 | $40.3 million | $41.3 million | $15 million | Enterprise Bank & Trust |
Other failed banks Sunwest Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Syringa Bank | Boise | ID | January 31, 2014 | $153.4 million | $145.8 million | $3.5 million | Sunwest Bank |
| Westside Community Bank | University Place | WA | January 11, 2013 | $91.9 million | $91.9 million | $22.9 million | Sunwest Bank |
| Pacific Coast National Bank | San Clemente | CA | November 13, 2009 | $131.4 million | $128.9 million | $33.5 million | Sunwest Bank |
| Metropacific Bank | Irvine | CA | June 26, 2009 | $75.3 million | $70.1 million | $32.2 million | Sunwest Bank |
All bank failures in 2009 · All bank failures in Arizona · Every failed bank Sunwest Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.