|
|
 |
|
|
|
|
|
Welcome
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 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. Department of Financial Institutions Announces Receivership of First State Bank. Acting Superintendent Tom Wood announced September 4, 2009 that the Federal Deposit Insurance Corporation (“FDIC”) has been appointed receiver of First State Bank of Flagstaff, Arizona (“FSB”). FDIC will sell the bank to Sunwest Bank (“Sunwest”), a California state-chartered bank that will honor all the FSB deposits whether or not they are FDIC insured. Sunwest had no business presence in Arizona before agreeing to buy FSB. The FSB locations will open Tuesday, September 8, 2009 as branches of Sunwest. Read the Order appointing the receiver here. Read the DFI news release here. DFI announces receivership of Community Bank of Arizona and sale to MidFirst Bank. Superintendent Rotellini announced August 14, 2009 that the Federal Deposit Insurance Corporation (“FDIC”) has been appointed receiver of Community Bank of Arizona (“Community Bank”). FDIC will sell the bank to MidFirst Bank (“MidFirst”), a federally chartered thrift that will honor all the Community Bank deposits whether or not they are FDIC insured. Midfirst has a business presence in Arizona and will grow by acquiring the four Community Bank business locations. Those locations will open Monday, August 17, 2009 as branches of Midfirst. Read the Order appointing the receiver here. Read the DFI news release here. Landmarc Capital and Investment Company consents to permanent receivership and to cooperate with Superintendent Rotellini in her role as Receiver. On July 9, 2009, Maricopa County Superior Court Judge Robert Oberbillig issued this order appointing Superintendent Felecia Rotellini as Permanent Receiver and prohibiting Landmarc Capital and Investment Company (“Landmarc”) and others from interfering in any way with the Receivership. The Judge’s Order specifically requires Landmarc’s principals and certain employees to cooperate with the Receiver. Read the order appointing permanent receiver here. Read the Landmarc’s Consent to Entry of the Order Appointing Permanent Receiver and Injunction here. Read the July 14, 2009 news release here. The Receivership action was commenced on June 24, 2009, when Judge Oberbillig appointed Superintendent Rotellini as receiver for Landmarc because Landmarc was insolvent and had allegedly misrepresented its financial condition to investors and potential borrowers. The Court’s initial order had set a hearing for Landmarc to contest the receivership action. Because of Landmarc’s consent, that hearing is unnecessary. The permanent receivership will allow DFI to protect the interests of Arizona consumers and businesses as efficiently as possible. This regulatory receivership will permit the Receiver to unwind the affairs of the business with less expense than a bankruptcy. For more details and background information, read Superintendent Rotellini’s original Complaint here; read the Memorandum of Points and Authorities Supporting the Receivership here; read the court’s initial order appointing the receiver here.
Navigating to our Office:
|
||||||||||||||||||||||||||||||||||
|
|||||
 |
|
 |
|||
| t |
 12.26.2007
|
|
© 2007 Arizona Department of Financial Institutions. All rights reserved. |
