Monday, May 4, 2009

Regulators close Utah-based America West Bank

Regulators close Utah-based America West Bank

Go To Original

State and federal regulators late Friday closed America West Bank, of Layton, Utah. It was the third financial institution closed Friday and the 32nd failure of the year. The Federal Deposit Insurance Corp. said in a statement that Cache Valley Bank of Logan, Utah, will assumed all of America West's deposits. As of December 31, 2008, America West Bank had total assets of approximately $299.4 million and total deposits of $284.1 million. Cache Valley Bank paid a discount of $352,000 to acquire all of the deposits of the failed bank.

No comments: