Gold Canyon Bank, based in Gold Canyon, Ariz., was shut down by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with First Scottsdale Bank, based in Scottsdale, Ariz., to assume all of the deposits of Gold Canyon Bank.
As of Dec. 31, 2012, Gold Canyon Bank had approximately $45.2 million in total assets and $44.2 million in total deposits. Gold Canyon Bank is the fifth bank to be closed by regulators this year.