Data / Bank failures / 1989 / Grand Canyon State Bank
Grand Canyon State Bank, Scottsdale, AZ: failed May 19, 1989
Grand Canyon State Bank in Scottsdale, Arizona, failed on May 19, 1989. Bank of Fountain Hills of Fountain Hills, AZ, took over its deposits. It held $14.6 million in assets and $13.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $4.4 million (29.9% of its assets). By assets it was the 470th largest of 534 banks closed or assisted in 1989.
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The FDIC's record
- Closed
- May 19, 1989
- Type
- Failure
- How it was resolved
- Insured deposit transfer: the insured deposits moved to another bank
- Acquirer
- Bank of Fountain Hills, Fountain Hills, AZ
- Total assets
- $14,607,000
- Total deposits
- $13,246,000
- Estimated cost to the FDIC
- $4,369,572 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 23753
Other bank failures in Arizona, 1987 to 1991
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| First American FSB | Tucson | August 16, 1991 | $145 million | $130.3 million | $11.2 million | State SB, FSB |
| Arizona Commerce Bank | Tucson | April 12, 1991 | $80.8 million | $79.8 million | $7.3 million | Arizona Bank of Commerce |
| Farmers and Merchants Bank | Buckeye | June 18, 1990 | $24 million | $22.4 million | $5.8 million | The Stockmen's Bank |
| Guardian Bank | Scottsdale | April 26, 1990 | $25.9 million | $27 million | $8.4 million | Citibank (arizona) |
| Central Arizona Bank | Chandler | April 26, 1990 | $6.6 million | $7.1 million | $1 million | Security Pacific Bank Arizo |
| Independent National Bank | Phoenix | March 15, 1990 | $12.4 million | $13.5 million | $3.2 million | Citibank(arizona) |
| Pima S & La | Tucson | March 2, 1990 | $2.73 billion | $2.13 billion | $160.5 million | Bank of America, Az |
| Gateway National Bank | Phoenix | February 15, 1990 | $8.6 million | $8.2 million | $5.9 million | Citibank (arizona) |
All bank failures in 1989 · All bank failures in Arizona · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.