The Graveyard › Banks › 2009

MagnetBank

Salt Lake City, UT · failed January 30, 2009 · FDIC certificate 58001

MagnetBank of Salt Lake City, UT failed on January 30, 2009. It opened on September 29, 2005, 3 years before. At its last report before that it held $300.7 million in assets and $282.6 million in deposits. At its largest in the FDIC's quarterly reports, on March 31, 2007, it held $567.9 million. The FDIC estimates that the Deposit Insurance Fund lost $170.1 million on it.

2005-092008-09

Assets at the end$300.7 millionlast report before January 30, 2009

Deposits at the end$282.6 million

Estimated loss to the fund$170.1 millionDIF

Largest in the quarterly reports$567.9 millionMarch 31, 2007

Equity to assets5.3%September 30, 2008

Loans not being repaid23.8%noncurrent, September 30, 2008

Return on assets-8.36%a year's rate, September 30, 2008

Staff21full time, September 30, 2008

On the FDIC's list: MAGNET BANK.

Could you have seen it coming? Play The Crash of '08

Also ended in 2009

Bank of America N.A. · Charlotte · $1.47 trillion in assets · assisted
FIA Card Services N.A. · Wilmington · $159.6 billion in assets · assisted
Countrywide Bank, FSB · Alexandria · $118.0 billion in assets · assisted
Merrill Lynch Bank USA · Salt Lake City · $61.8 billion in assets · assisted
Merrill Lynch Bank & Trust Co., FSB · New York · $38.0 billion in assets · assisted
Bank of America Rhode Island N.A. · Providence · $35.4 billion in assets · assisted

History, not advice.

Source: Federal Deposit Insurance Corporation, BankFind Suite API. Source values and institutional identifiers are retained; formatting and normalization by Underfolio. No FDIC endorsement is implied. How these numbers are made · Report a data issue.