Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, April 5, 2013
Gold Canyon Bank Turns to Lead
Sixty-Fifth ranked Gold Canyon Bank of Gold Canyon, Arizona, was closed today by state regulators. The former bank had total assets of approximately $45.2 million. The assets of Gold Canyon Bank were acquired by First Scottsdale Bank, National Association (6786th) of Scottsdale, Arizona. This is the first distressed bank acquisition for First Scottsdale Bank which also assumed about $44.2 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.2 million.
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