Tucson’s only locally owned bank has nursed itself back to financial health with the help of local residents who invested millions of dollars to shore up the bank’s balance sheet.
Commerce Bank of Arizona, which weathered huge losses on small-business loans following the Great Recession, announced recently that state and federal regulators had lifted a 2013 consent order requiring the bank to significantly raise its capital reserves.
After raising $3.5 million in new capital in 2015, Commerce’s parent, CBOA Financial Inc., raised about $10 million in capital earlier this year, boosting the bank’s capital-reserve ratios beyond the requirements in the consent order by the Federal Deposit Insurance Corp. and the Arizona Department of Financial Institutions.
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