Another Capitol Bancorp Limited Failure

In unusual move, regulators did not wait until a Friday to shut down Central Arizona Bank of Scottsdale, Arizona. On Tuesday, the Arizona Department of Financial Institutions decided to seize the third affiliate of Capitol Bancorp Limited within one week. Central Arizona Bank was fifteenth on the most recent list. The $31.6 million in bank by total assets was acquired by Western State Bank (1963rd) of Devils Lake of North Dakota along with its $30.8 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $8.6 million.