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Arizona Bank Failure Raises 2013 Tally to 5

Arizona's Gold Canyon Bank became the fifth FDIC-insured bank to fail in 2013, ""the agency"":http://www.fdic.gov/ 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"":https://www.fnbscottsdale.com/default.aspx, 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.

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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