Bank Failure
Utah FirstBank
BankRegReports is independent of Utah FirstBank and never asks for online banking logins or passwords.
Closed January 24, 1986 · Salt Lake City, UT · FDIC Cert #22715.
- Closing date
- January 24, 1986
- Headquarters
- Salt Lake City, UT
- FDIC Certificate
- 22715
- Total assets at closing
- $38.5M
- Total deposits at closing
- $39.6M
- Estimated loss to the insurance fund
- $10.3M
- Insurance fund
- FDIC insurance fund
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citibank Utah
Context
On January 24, 1986, regulators closed Utah FirstBank, headquartered in Salt Lake City, UT. At closing, the institution held approximately $38.5M in assets and $39.6M in deposits. The FDIC record names Citibank Utah as the acquiring institution in the resolution. The estimated cost to the FDIC insurance fund was approximately $10.3M.
By assets at closing this is the 1847th largest of the 3,526 bank failures in the FDIC record, and the 67th of 162 in 1986. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Utah FirstBank fail?
Utah FirstBank was closed by regulators on January 24, 1986.
Who acquired Utah FirstBank?
The FDIC record names Citibank Utah as the acquiring institution in the resolution of Utah FirstBank.
How big was Utah FirstBank when it failed?
Utah FirstBank had approximately $38.5M in total assets and $39.6M in deposits at the time of failure.
Other failures in 1986
| Date | Bank | Assets |
|---|---|---|
| Dec 19, 1986 | Lakeland State Bank | $49.4M |
| Dec 19, 1986 | Farmers State Bank | $9.7M |
| Dec 18, 1986 | First Bank & Trust Co. | $94.9M |
| Dec 18, 1986 | Landmark National Bank | $12.9M |
| Dec 18, 1986 | Lago Vista National Bank | $11.9M |
| Dec 12, 1986 | Guaranty Federal Bank FSB | $63.8M |
| Dec 12, 1986 | First Savings of America | $47.0M |
| Dec 9, 1986 | The Citizens Bank of Windsor | $24.8M |
Explore: all failures · UT bank events · 1986 events · events hub