WASHINGTON - Regulators have closed a small bank in Arizona, bringing the number of U.S. bank failures to 13 this year. The Federal Deposit Insurance Corp. on Tuesday seized Central Arizona Bank, based in Scottsdale, Ariz. The lender, which operated a single branch, had roughly $31.6 million in assets and $30.8 million in deposits as of March 31. Western State Bank, based in Devils Lake, N.D., agreed to assume all of the failed bank's deposits and to buy essentially all of its assets.

Credit-card giant Visa has agreed to cut some of its inter-bank fees, by up to 60 percent, to meet EU anti-trust concerns, the European Commission said on Tuesday. EU Competition Commissioner Joaquin Almunia said he welcomed Visa Europe's plan to cut its fees to 0.3 percent of the value of the transaction, representing a reduction of about 40 to 60 percent. The company also agreed to "reform its rules to facilitate cross-border competition," a statement said.

WASHINGTON - Regulators say they have closed a bank in North Carolina, bringing the number of U.S. bank failures to 11 this year. The Federal Deposit Insurance Corp. on Friday seized Pisgah Community Bank, based in Asheville, N.C. The lender, which operated a single branch, had roughly $21.9 million in assets and $21.2 million in deposits as of March 31. Capital Bank, N.A., agreed to assume the deposits and $19.8 million of the failed lender's assets. The FDIC says it will retain the remaining assets for later disposition.

By Edward Krudy NEW YORK (Reuters) - For Niagara Falls, a city in New York staring at the prospect of insolvency in the face of a weak local economy and soaring employee costs, diverting money earmarked for pensions to cover short-term spending needs seemed like the only option. "We don't like doing it, so this is sort of a last ditch strategy for us," Mayor Paul Dyster told Reuters in an interview. Postponing pension payments was the way to avoid cutting back on town services, he said.