Friday, April 05, 2013

Bank Failure #5 in 2013: Gold Canyon Bank, Gold Canyon, Arizona

by Bill McBride on 4/05/2013 08:35:00 PM

From the FDIC: First Scottsdale Bank, National Association, Scottsdale, Arizona, Assumes All of the Deposits of Gold Canyon Bank, Gold Canyon, Arizona

As of December 31, 2012, Gold Canyon Bank had approximately $45.2 million in total assets and $44.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.2 million. ... Gold Canyon Bank is the fifth FDIC-insured institution to fail in the nation this year, and the first in Arizona.
Hmmm ... someone make a joke about Gold ...

Earlier on the employment report:
March Employment Report: 88,000 Jobs, 7.6% Unemployment Rate
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