Gold Canyon Bank shut down by AZ Dept. of Financial Institutions - KTRE.com | Lufkin and Nacogdoches, Texas

Gold Canyon Bank shut down by AZ Dept. of Financial Institutions

GOLD CANYON, AZ (CBS5) -

Gold Canyon Bank of Arizona was closed Friday by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Scottsdale Bank, National Association, Scottsdale, AZ, to assume all of the deposits of Gold Canyon Bank.

The two branches of Gold Canyon Bank will reopen on Monday as branches of First Scottsdale Bank, National Association, which will continue to operate them under the name Gold Canyon Bank.

Depositors of the failed bank will automatically become depositors of First Scottsdale Bank, National Association.

Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits.

Customers of Gold Canyon Bank should continue to use their existing branch until they receive notice from First Scottsdale Bank, National Association that it has completed systems changes to allow other First Scottsdale Bank, National Association branches to process their accounts as well.

Friday and over the weekend, depositors of Gold Canyon Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of Dec. 31, 2012, Gold Canyon Bank had approximately $45.2 million in total assets and $44.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Scottsdale Bank, National Association agreed to purchase essentially all of the assets.

Customers with questions about today's transaction should call the FDIC toll-free at 1-800-234-9027.

The phone number will be operational Friday until 9 p.m., Mountain Standard Time (MST); on Saturday from 9 a.m. to 6 p.m., MST; on Sunday from noon to 6 p.m., MST; on Monday from 8 a.m. to 8 p.m., MST; and thereafter from 9 a.m. to 5 p.m., MST.

Interested parties also can visit the FDIC's Web site at <http://www.fdic.gov/bank/individual/failed/goldcanyon.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.2 million.

Compared to other alternatives, First Scottsdale Bank, National Association's acquisition was the least costly resolution for the FDIC's DIF. Gold Canyon Bank is the fifth FDIC-insured institution to fail in the nation this year, and the first in Arizona.

The last FDIC-insured institution closed in the state was Western National Bank, Phoenix, on Dec. 16, 2011.

Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.

  • East Texas NewsMore>>

  • Defense questions investigator in third day of Henderson trial

    Defense questions investigator in third day of Henderson trial

    Friday, September 22 2017 7:19 PM EDT2017-09-22 23:19:49 GMT
    James Henderson's defense attorney, Stanley Sokolowski, started off the third day of court by questioning the state's witness, Investigator Bill Rulland. The cross examination lasted most of the morning and even a little into the afternoon. According to Investigator Michael Molnes, with the Houston County Sheriff's Office, Sokolowski attempted to discredit Brenna Theuer's witness testimony, as well as testimony from Robert Mobley.  The trial is expected to head into closing arg...More >>
    James Henderson's defense attorney, Stanley Sokolowski, started off the third day of court by questioning the state's witness, Investigator Bill Rulland. The cross examination lasted most of the morning and even a little into the afternoon. According to Investigator Michael Molnes, with the Houston County Sheriff's Office, Sokolowski attempted to discredit Brenna Theuer's witness testimony, as well as testimony from Robert Mobley.  The trial is expected to head into closing arg...More >>
  • Tar-covered tires stick to parking lot of Lufkin tire shop

    Tar-covered tires stick to parking lot of Lufkin tire shop

    Friday, September 22 2017 7:09 PM EDT2017-09-22 23:09:01 GMT
    More than a few tar-covered tires are hanging on to the parking lot of a Lufkin tire shop.  On August 31, newly laid asphalt on Loop 287 started sticking to tires of those driving, leaving many of the cars un-driveable. As of Friday, the Texas Department of Transportation hadn't come out with an official cause for the incident, but that hasn't stopped over 600 people from filing claims with them. Copyright 2017 KTRE. All rights reserved.More >>
    More than a few tar-covered tires are hanging on to the parking lot of a Lufkin tire shop.  On August 31, newly laid asphalt on Loop 287 started sticking to tires of those driving, leaving many of the cars un-driveable. As of Friday, the Texas Department of Transportation hadn't come out with an official cause for the incident, but that hasn't stopped over 600 people from filing claims with them. Copyright 2017 KTRE. All rights reserved.More >>
  • Trinity County traffic stop results in 2 felony drugs arrests. seizure of weed, codiene, other drugs

    Trinity County traffic stop results in 2 felony drugs arrests. seizure of weed, codiene, other drugs

    Friday, September 22 2017 6:19 PM EDT2017-09-22 22:19:50 GMT

    Deputies with the Trinity County Sheriff’s Office made two felony drug arrests and seized marijuana, Prometh VC with codeine, hydrocodone, Alprazolam, and ecstasy after a traffic stop near the intersection of Robb and Jefferson streets late Tuesday night.

    More >>

    Deputies with the Trinity County Sheriff’s Office made two felony drug arrests and seized marijuana, Prometh VC with codeine, hydrocodone, Alprazolam, and ecstasy after a traffic stop near the intersection of Robb and Jefferson streets late Tuesday night.

    More >>
Powered by Frankly