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Are struggling community banks prepared for a new threat? (access required)

Most community banks in Arizona are losing money, lending is down, and a veteran banker concedes that every day is a challenge. It was a little too challenging for two Arizona banks, which were closed by state and federal regulators Aug. 14. A third bank is operating under federal orders to improve what were found to be “unsafe and unsound banking practices.”

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Misunderstanding blamed for delay of K-12 stimulus money (access required)

A misunderstanding regarding federal requirements delayed the implementation of a quarter-billion dollars in federal stimulus money for education. Gov. Jan Brewer submitted a request on June 25 for $250 million that did not meet federal guidelines for the money, according to the United States Department of Education.

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State spending tracks higher than last year (access required)

So far, Arizona has spent more money this fiscal year than it did during the same period last year. Between July 1 and Aug. 17, the state spent $164 million more than it did during the same period in 2008, according to figures provided by the state Treasure’s Office.

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