Bank Failure
Proficio Bank
BankRegReports is independent of Proficio Bank and never asks for online banking logins or passwords.
Closed March 3, 2017 · Cottonwood Heights, UT · FDIC Cert #35495.
- Closing date
- March 3, 2017
- Headquarters
- Cottonwood Heights, UT
- FDIC Certificate
- 35495
- Total assets at closing
- $68.2M
- Total deposits at closing
- $65.0M
- Estimated loss to the insurance fund
- $10.1M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Cache Valley Bank
Context
On March 3, 2017, regulators closed Proficio Bank, headquartered in Cottonwood Heights, UT. At closing, the institution held approximately $68.2M in assets and $65.0M in deposits. The FDIC record names Cache Valley Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $10.1M.
By assets at closing this is the 1439th largest of the 3,526 bank failures in the FDIC record, and the 6th of 8 in 2017. It falls in the period the record labels Post-Dodd-Frank Calm (2014-2022), a period with 47 failures peaking at 18 in 2014.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Proficio Bank fail?
Proficio Bank was closed by regulators on March 3, 2017.
Who acquired Proficio Bank?
The FDIC record names Cache Valley Bank as the acquiring institution in the resolution of Proficio Bank.
How big was Proficio Bank when it failed?
Proficio Bank had approximately $68.2M in total assets and $65.0M in deposits at the time of failure.
Other failures in 2017
| Date | Bank | Assets |
|---|---|---|
| Dec 15, 2017 | Washington Federal Bank for Savings | $166.3M |
| Oct 13, 2017 | The Farmers and Merchants State Bank of Argonia | $33.0M |
| May 26, 2017 | Fayette County Bank | $34.4M |
| May 5, 2017 | Guaranty Bank | $1.03B |
| Apr 28, 2017 | First NBC Bank | $3.33B |
| Jan 27, 2017 | Seaway Bank and Trust Company | $297.8M |
| Jan 13, 2017 | Harvest Community Bank | $124.2M |
Explore: all failures · UT bank events · 2017 events · events hub