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Examples
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In the case of one failure, that of Utah's MagnetBank, the Federal Deposit Insurance Corp. agreed to write checks to the bank's depositors after it wasn't able to find a buyer for the bank's deposits or assets, a rare event and an ominous sign for regulators.
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The regulator tried to market the assets of Salt Lake City-based MagnetBank but couldn't.
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Federal regulators have closed Salt Lake City-based MagnetBank, the fourth U.S. bank failure this year.
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MagnetBank had assets of $292.9 million and deposits of $282.8 million, the FDIC said.
Signs of the Times 2009
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The FDIC said it was unable to find another bank to take over the deposits and operations of MagnetBank, which had assets of $292.9 million and deposits of $282.8 million as of Dec. 2.
Market News 2009
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WASHINGTON (AP) -- Federal regulators have closed Salt Lake City-based MagnetBank, the fourth U.S. bank failure this year.
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The Federal Deposit Insurance Corp said it became receiver of MagnetBank in Utah because it could not find a buyer for the banking operations.
Signs of the Times 2009
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NEW YORK (CNNMoney. com) -- State regulators in Utah closed MagnetBank Friday, bringing the total number of failed banks this month to four, as the financial crisis continues to take a toll on small regional banks.
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When we talk about "nationalizing", say, Citibank, we are asking nothing more than that it should be treated like MagnetBank were this very weekend.
Financial Sector and Stocks Analysis from Seeking Alpha 2009
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MagnetBank had total assets of $292.9 million and total deposits of $282.8 million as of last month, according to the FDIC.
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