Data / Bank failures / 2011 / Legacy Bank
Legacy Bank, Scottsdale, AZ: failed January 7, 2011
Legacy Bank in Scottsdale, Arizona, failed on January 7, 2011. Enterprise Bank & Trust of Clayton, MO, took over its deposits. It held $136.4 million in assets and $119.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $32.2 million (23.6% of its assets). By assets it was the 65th largest of 92 banks closed or assisted in 2011.
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The FDIC's record
- Closed
- January 7, 2011
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Enterprise Bank & Trust, Clayton, MO
- Total assets
- $136,446,000
- Total deposits
- $119,685,000
- Estimated cost to the FDIC
- $32,224,202 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 57820
Other bank failures in Arizona, 2009 to 2013
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Sunrise Bank of Arizona | Phoenix | August 23, 2013 | $202.2 million | $196.9 million | $15.4 million | First Fidelity Bank, National Association |
| Central Arizona Bank | Scottsdale | May 14, 2013 | $31.6 million | $30.8 million | $5.4 million | Western State Bank |
| Gold Canyon Bank | Gold Canyon | April 5, 2013 | $42.1 million | $41.7 million | $8.3 million | First Scottsdale, National Association |
| 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 |
| 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 |
Other failed banks Enterprise Bank & Trust took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| The First National Bank of Olathe | Olathe | KS | August 12, 2011 | $538.1 million | $524.3 million | $103.3 million | Enterprise Bank & Trust |
| Valley Capital Bank, N.A. | Mesa | AZ | December 11, 2009 | $40.3 million | $41.3 million | $15 million | Enterprise Bank & Trust |
All bank failures in 2011 · All bank failures in Arizona · Every failed bank Enterprise Bank & Trust took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-24. 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.