~ FDIC Friday ~ 04-05-13

[Copper Catcher]

First 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.

[henrysmedford]

First west coast in some time.

[Copper Catcher]

An interesting tidbit

From January 1, 2013 - April 4, 2013:

Newly Established Banks 0

Banks that have merged/closed 57

Failed** 4


**Excludes open bank assistance transactions.
Data for records processed through: 4/3/2013

The trends report is an interesting document to study... http://www.fdic.gov/bank/statistical/st ... c/FDIC.pdf