"First National Bank, the state's largest locally based bank and a specialist in lower-quality mortgages, was closed by regulators Friday, a victim of problem loans and the lingering real-estate slump.
The bank failure will cost the Federal Deposit Insurance Corp.'s insurance fund an estimated $862 million.
However, a smooth transition for First National customers and employees is expected. First National's deposits were purchased by Mutual of Omaha Bank, a subsidiary of Mutual of Omaha."
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Feds close Scottsdale-based First National Bank of Arizona
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