GRAND CANYON STATE BANK Failed 1989

What happened

GRAND CANYON STATE BANK of SCOTTSDALE, AZ was closed on 1989-05-19. The FDIC was named receiver.

Resolution: Insured Deposit Transfer — insured deposits transferred to another bank

Deposits were transferred to BANK OF FOUNTAIN HILLS (FOUNTAIN HILLS, AZ). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

2375

FDIC Certificate

23753

FDIC FIN

5967

Bank name

GRAND CANYON STATE BANK

Location

SCOTTSDALE, AZ

Failure date

1989-05-19

FDIC resolution date

1989-05-19

Charter type

State commercial bank, non-Federal Reserve member (FDIC-supervised)

Resolution type

Insured Deposit Transfer — insured deposits transferred to another bank

FDIC DIF cost (est.)

$4M

Deposits at failure

$13M

Assets at failure

$15M

Acquiring bank

BANK OF FOUNTAIN HILLS (FOUNTAIN HILLS, AZ)