Federal regulators shut MagnetBank in Utah (#4 this year)

[Pale Blue Dot]

Source: The News & Observer

WASHINGTON -- Federal regulators have closed Salt Lake City-based MagnetBank, the fourth U.S. bank failure this year.

The Federal Deposit Insurance Corp. was appointed as receiver of the bank, which had assets of $292.9 million and deposits of $282.8 million as of Dec. 2.

The FDIC says it was unable to find another bank willing to take over MagnetBank's deposits and operations. As a result, the agency says checks will be mailed on Monday morning to retail depositors for the amount of their insured funds.


Read more: http://www.newsobserver.com/1566/story/1388175.html

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In all of the bank closings last year and so far this year, the FDIC was always willing to find a bank that was willing to assume control of the deposits and operations. This is the first time that I've seen that they have not been able to do even that.

[Purveyor]

1. MORE: Federal Regulators Shut 3 More Banks; 6 This Year

WASHINGTON (AP) — Federal regulators have closed three banks — one each in Utah, Florida and Maryland — bringing to six the total number of failures this year.

The Federal Deposit Insurance Corp. was appointed receiver of the banks: MagnetBank of Salt Lake City, Ocala National Bank of Ocala, Fla., and Suburban Federal Savings Bank in Crofton, Md.

The FDIC says it was unable to find another bank to take over MagnetBank's deposits and operations.

CenterState Bank of Florida is assuming the deposits of Ocala National Bank.

Bank of Essex in Tappahannock, Va., is taking over the deposits of Suburban Federal.

[Doctor Cynic]

2. What about IndyMac last July?