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Arizona: First Scottsdale Bank Assumes Deposits of Gold Canyon Bank

 

April 8 - Gold Canyon Bank, Gold Canyon, Ariz., has been closed by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Scottsdale Bank, National Association, Scottsdale, Ariz., to assume all of the deposits of Gold Canyon Bank.

As of Dec. 31, 2012, Gold Canyon Bank had approximately $45.2 million in total assets and $44.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Scottsdale Bank, National Association agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-234-9027. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/goldcanyon.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $11.2 million. Compared to other alternatives, First Scottsdale Bank, National Association's acquisition was the least costly resolution for the FDIC's DIF. Gold Canyon Bank is the fifth FDIC-insured institution to fail in the nation this year, and the first in Arizona. The last FDIC-insured institution closed in the state was Western National Bank, Phoenix, on Dec. 16, 2011.

 


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