The Federal Reserve on Tuesday disclosed a written agreement with Gold Canyon Bank in Gold Canyon, Ariz.
In the Dec. 23 agreement, the $58 million-asset bank agreed to provide its regulators with an "acceptable written plan to maintain sufficient capital" within 60 days of the agreement.
Gold Canyon also agreed to provide regulators with a written plan to improve its position with all loans exceeding $100,000 that are past due more than 90 days, reported as adversely classified or on the bank's problem loan list. The bank also agreed to provide a plan to maintain an adequate allowance for loan and lease losses. Those reports are also due within 60 days of the agreement.
