Larry Nelson, who shared the lead with Colbert after the second round, shared third with Gary McCord and Ed Dougherty at 10-under.
Walter Morgan joined Bob Eastwood and Tom Kite in a tie for sixth with a tournament total of 8-under 208.
Colbert opened strong on Sunday with a birdie at the first after he blasted out of a bunker to two feet. He added a birdie at the third when he roped a 6-iron onto the green at the 190-yard hole and converted the 15-footer.
Trouble came for Colbert at the sixth when he lost his balance on his approach and pulled his shot into a bunker. He failed to get up and down and took bogey.
Colbert recovered the lost stroke at the par-5 9th. He knocked a 3-iron onto the green in two and two-putted from 25 feet for his third birdie of the round.
Colbert, who celebrated his 60th birthday this week, bogeyed No. 11 when he found the water. An eight-foot birdie at the 15th proved to be the winning margin.
'I had doubts whether I could perform at the highest level again,' said Colbert, who earned $210,000 for the win. 'I missed a crucial putt in Mexico and I don't ever remember doing that. It was a shock.'
Canizares birdied the 13th after he hit a 9-iron inside of 10 feet but he missed a six-foot birdie at the 15th that cost him a tie for the lead.
'I hit the ball terrible today,' said Canizares. 'I missed 10 fairways with the driver and I missed some short putts on the back nine. I got a little tired today.'
A double-bogey at the ninth dropped Nelson out of the hunt. He rebounded with two back-nine birdies but lost a shot at the 17th. He finished with a 72, while Dougherty carded a 67 and McCord a 68 for their share of third.
Morgan vaulted 27 places on Sunday thanks to an 8-under 64. His round included an eagle-two at the 12th.
Three-time defending champion Joe Inman battled aches and pains this week and finished the tournament tied for 34th at plus-one.
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