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FDIC closes Arizona bank, makes 5th failure of '13

Published on NewsOK Modified: April 5, 2013 at 7:24 pm •  Published: April 5, 2013
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WASHINGTON (AP) — Regulators have closed a small bank in Arizona, bringing the total number of U.S. bank closures to five for this year.

The Federal Deposit Insurance Corp. said Friday that state regulators closed Gold Canyon Bank, in Gold Canyon, Ariz.

The bank had about $45.2 million in assets and $44.2 million in deposits as of Dec. 31.

First Scottsdale Bank, N.A., based in Scottsdale, Ariz., agreed to assume all of Gold Canyon's deposits and buy essentially all of the failed lender's assets.

The failure of Gold Canyon Bank, which had two branches, is expected to cost the deposit insurance fund $11.2 million.

U.S. bank closures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.