Bank Failure
Bank of Ephraim
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Closed June 25, 2004 · Ephraim, UT · FDIC Cert #1249.
- Closing date
- June 25, 2004
- Headquarters
- Ephraim, UT
- FDIC Certificate
- 1249
- Total assets at closing
- $56.8M
- Total deposits at closing
- $52.3M
- Estimated loss to the insurance fund
- $3.0M
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Far West Bank
Context
On June 25, 2004, regulators closed Bank of Ephraim, headquartered in Ephraim, UT. At closing, the institution held approximately $56.8M in assets and $52.3M in deposits. The FDIC record names Far West Bank as the acquiring institution in the resolution. The estimated cost to the Bank Insurance Fund (BIF) was approximately $3.0M.
By assets at closing this is the 1561st largest of the 3,526 bank failures in the FDIC record, and the 2nd of 4 in 2004. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Bank of Ephraim fail?
Bank of Ephraim was closed by regulators on June 25, 2004.
Who acquired Bank of Ephraim?
The FDIC record names Far West Bank as the acquiring institution in the resolution of Bank of Ephraim.
How big was Bank of Ephraim when it failed?
Bank of Ephraim had approximately $56.8M in total assets and $52.3M in deposits at the time of failure.
Other failures in 2004
| Date | Bank | Assets |
|---|---|---|
| Mar 19, 2004 | Reliance Bank | $28.6M |
| Mar 12, 2004 | Guaranty National Bank | $71.3M |
| Feb 14, 2004 | Dollar Savings Bank | $13.4M |
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