Bank Failure
Magnet Bank
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Closed January 30, 2009 · Salt Lake City, UT · FDIC Cert #58001.
- Closing date
- January 30, 2009
- Headquarters
- Salt Lake City, UT
- FDIC Certificate
- 58001
- Total assets at closing
- $300.7M
- Total deposits at closing
- $282.6M
- Estimated loss to the insurance fund
- $170.1M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
Context
On January 30, 2009, regulators closed Magnet Bank, headquartered in Salt Lake City, UT. At closing, the institution held approximately $300.7M in assets and $282.6M in deposits. The FDIC record does not name an acquiring institution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $170.1M.
By assets at closing this is the 557th largest of the 3,526 bank failures in the FDIC record, and the 65th of 140 in 2009. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Magnet Bank fail?
Magnet Bank was closed by regulators on January 30, 2009.
How big was Magnet Bank when it failed?
Magnet Bank had approximately $300.7M in total assets and $282.6M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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