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ARIZONA'S BIGGEST S&L SEIZED

Federal regulators on Wednesday seized the Phoenix-based MeraBank, with $6.6 billion in assets Arizona's largest savings institution and the latest victim of the state's real estate slump.

The action comes despite a Dec. 7 pledge by the thrift's parent company, Pinnacle West Capital Corp., to inject $450 million by March 31 into its troubled subsidiary in exchange for a release from further obligation. Regulators said they still expected Pinnacle West to comply with the agreement.

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