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FDIC Fails to Find "Acquirer" for Utah Bank
This was bound to happen, sooner or later.It appears that the FDIC closed three banks yesterday Utah's MagnetBank became the fourth bank failure of the year, and the Federal Deposit Insurance Corp. was forced to directly refund depositors after being unable to find another institution willing to take over its operations. That marked the first time the FDIC has been unable to find an acquirer for a failed bank in nearly five years, according to FDIC spokesman David Barr. "This bank did not have an attractive franchise value, and not many retail deposits or core deposits," Barr said. The FDIC had conducted an extensive marketing process for the bank's assets, he said. Translation: It was broke Posted by: badanov 2009-01-31 |
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