Two Valley banks head to receivership

The FDIC said Community Bank of Arizona in Phoenix was shut down by the Arizona Department of Financial Institutions and that Oklahoma-based MidFirst Bank agreed to take over its accounts. The FDIC also said Union Bank NA of Gilbert was shuttered by federal regulators and MidFirst also had agreed to take over its accounts. Its branches will reopen Monday at MidFirst locations. The same will occur with Community Bank, which reopens Monday under the MidFirst flag.

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