Bank failure · AZ
First Commerce National Bank (Phoenix, AZ) — failed December 7, 1989
First Commerce National Bank of Phoenix, Arizona was closed on December 7, 1989 and resolved through a purchase and assumption. Citicorp(Arizona) (AZ) took over its insured deposits. At failure it held $20.3M in assets and $21.4M in deposits. The FDIC's estimated loss on the failure is $2.4M (11.7% of assets).
- Closing date
- December 7, 1989
- FDIC certificate #
- 26464
- Resolution
- Purchase and assumption (failure)
- Acquiring institution
- Citicorp(Arizona)
- Insurance fund
- BIF
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