WASHINGTON — State regulators in Arizona closed the $45 million-asset Gold Canyon Bank late Friday, the fifth bank failure this year.
The operations of the bank, which is located in Gold Canyon, Ariz., were sold to First Scottsdale Bank N.A. The acquirer, based in Scottsdale, agreed to assume all of the failed bank's $44 million of deposits and take over essentially all of its assets. Gold Canyon Bank’s two branches will reopen Monday under ownership of First Scottsdale.
The Federal Deposit Insurance Corp. said the failure is estimated to cost the Deposit Insurance Fund just over $11 million.
Gold Canyon Bank is the first Arizona institution to fail since Western National Bank, of Phoenix, was closed in December 2011.
