| Submit your comments on this article |
| Home Front Economy |
| FDIC Fails to Find "Acquirer" for Utah Bank |
| 2009-01-31 |
| 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 |
| #3 Utah needs state script. |
| Posted by: .5MT 2009-01-31 18:57 |
| #2 Something tells me we might be seeing a bit more of this going around in the coming months. FDIC Failed Bank Info LINK. |
| Posted by: Besoeker 2009-01-31 11:07 |
| #1 "This Coming soon to a Treasury Auction near you. Maybe they'll have to sell off some of their holdings [like 80% of anything west of the Pecos - but you better get a contractually binding release from all those nasty restrictions of use otherwise it's just a title change without change of ownership]. |
| Posted by: Procopius2k 2009-01-31 09:14 |