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Friday, May 01, 2009

Bank Failure 32: America West Bank, Layton, Utah

by Calculated Risk on 5/01/2009 08:13:00 PM

Ben, Tim, and Sheila.
Whom do they remind you of?
Moe, Curly, Larry.

by Soylent Green is People

From the FDIC: Cache Valley Bank, Logan, Utah, Assumes All of the Deposits of America West Bank, Layton, Utah
America West Bank, Layton, Utah, was closed today by the Utah Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, to assume all of the deposits of America West.
As of December 31, 2008, America West Bank had total assets of approximately $299.4 million and total deposits of $284.1 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund will be $119.4 million. Cache Valley Bank's acquisition of all of the deposits of America West Bank was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives.

America West Bank is the 32nd bank to fail in the nation this year and the second in Utah. The last FDIC-insured institution to fail in the state was MagnetBank, Salt Lake City, on January 30, 2009.