~ FDIC Friday ~ 04-05-13
Posted: Fri Apr 05, 2013 8:29 pmFirst Scottsdale Bank, National Association, Scottsdale, Arizona, Assumes All of the Deposits of Gold Canyon Bank, Gold Canyon, Arizona
As of December 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.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) 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 December 16, 2011.
As of December 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.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) 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 December 16, 2011.