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Our Mission To license, examine, and supervise Financial Institutions, in compliance with State law, to ensure safety for the Arizona consumer and soundness for the Arizona business. Latest News Arizona Department of Financial Institutions Announces Receivership and Sale of Legacy Bank, Scottsdale. Lauren Kingry, Superintendent of the Arizona Department of Financial Institutions (“DFI”), today announced that the Federal Deposit Insurance Corporation (“FDIC”) has been appointed receiver of Legacy Bank (“LB”). LB was a Arizona Department of Financial Institutions Announces Receivership and Sale of Copper Star Bank. PHOENIX – Lauren Kingry, Superintendent of the Arizona Department of Financial Institutions (“DFI”), today announced that the Federal Deposit Insurance Corporation (“FDIC”) has been appointed receiver of Copper Star Bank (“CSB”). CSB was a $203-million bank, originally chartered in Arizona in May 2000 having 3 locations in Scottsdale, Phoenix, and Peoria. Stearns Bank, N.A., a national bank chartered out of Minnesota has agreed to buy CSB and all its deposits. Stearns Bank has one banking location in Scottsdale since 1997. Read the DFI News release here. Read the Order appointing the receiver here. Arizona Department of Financial Institutions converts to electronic format licenses. As of October 1, 2010, the Department will only issue licenses in an electronic format for all licensed entities, branches and authorized delegates. Arizona Department of Financial Institutions urges all Deferred Presentment Companies ("Payday Lenders") to review Arizona Attorney General letter. The law allowing Deferred Presentment Companies to offer "payday loans" will sunset on June 30, 2010. The Arizona Attorney General issued a letter on June 9, 2010 advising how his office will review this business beginning July 1, 2010. Read the letter here. Department of Financial Institutions Announces Receivership and Sale of Towne Bank of Arizona. PHOENIX – Lauren Kingry, Superintendent of the Arizona Department of Financial Institutions (“DFI”), today announced that the Federal Deposit Insurance Corporation (“FDIC”) has been appointed receiver of Towne Bank of Arizona (“TBA”). TBA was a $100-million bank, originally chartered in Arizona in April 2004. Commerce Bank of Arizona (“CBA”) has agreed to buy TBA and all its deposits, excluding brokered deposits. CBA is an Arizona state-chartered bank headquartered in Tucson, Arizona. Read the DFI News release here. Read the Order appointing the receiver here. Department of Financial Institutions Announces Receivership and Sale of Desert Hills Bank. Tom Wood, Acting Superintendent of the Arizona Department of Financial Institutions (“DFI”), today announced that the Federal Deposit Insurance Corporation (“FDIC”) has been appointed receiver of Desert Hills Bank (“DHB”). DHB was a $500-million bank, originally chartered in Arizona in November 2000. New York Community Bank (“NYCB”) has agreed to buy DHB and all its deposits, including those over the FDIC insurance limit. NYCB is a New York state savings bank headquartered in Westbury, New York. NYCB currently has branch locations in Arizona after acquiring the branches of Amtrust Bank. Read the DFI news release here. AzDFI urges loan modification companies to obtain mortgage lending licenses. The Department interprets recent changes in Arizona law to make licensing of loan modification companies advisable. Without a mortgage lending license, these companies will not be able to employ appropriately licensed loan originators and will have to stop doing business. To read the detailed analysis in the current regulatory alert, click here. The regulatory alert also addresses a recent change in Arizona law creating a narrow exception for certain attorneys that offer loan modifications.
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   12.26.2007 |
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© 2007 Arizona Department of Financial Institutions. All rights reserved. |
