Arizona's Gold Canyon Bank became the fifth FDIC-insured bank to fail in 2013, the agency announced.
The Arizona Department of Financial Institutions closed the bank Friday, appointing FDIC as receiver. To protect depositors, Gold Canyon Bank's estimated $44.2 million in deposits has been assumed by First Scottsdale Bank, National Association, which has also agreed to purchase essentially all of the failed bank's $45.2 million in total assets.
FDIC estimates the cost to its Deposit Insurance Fund will be about $11.2 million. Gold Canyon Bank is the first FDIC-insured institution to collapse in Arizona since December 2011.