Data / Bank failures / 1988 / Basin State Bank
Basin State Bank, Vernal, UT: failed February 12, 1988
Basin State Bank in Vernal, Utah, failed on February 12, 1988. Zions First National Ban of Salt Lake City, UT, took over its deposits. It held $12 million in assets and $11.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3.4 million (28.5% of its assets). By assets it was the 426th largest of 470 banks closed or assisted in 1988.
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The FDIC's record
- Closed
- February 12, 1988
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Zions First National Ban, Salt Lake City, UT
- Total assets
- $11,982,000
- Total deposits
- $11,511,000
- Estimated cost to the FDIC
- $3,411,243 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- FDIC
- FDIC certificate
- 23395
Other bank failures in Utah, 1986 to 1990
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Home SB, FSB | Salt Lake City | July 5, 1990 | $12.8 million | $9.9 million | $217,701 | Zions First NB |
| Williamsburg FS & La | Salt Lake City | January 26, 1990 | $310.5 million | $257.7 million | $31.1 million | |
| Mountainwest S & L Assoc. | Ogden | February 17, 1989 | $241.5 million | $227.5 million | $71.4 million | Mountainwest Financial |
| American S & La | Salt Lake City | February 17, 1989 | $2.18 billion | $1.39 billion | $152.5 million | Pacific First FSB |
| Deseret S & L Assoc. | Salt Lake City | February 10, 1989 | $159.3 million | $177.7 million | $88 million | Zions First NB |
| Tracy-Collins Bank & Trust Company (assistance) | Salt Lake City | December 30, 1988 | $213.3 million | $196 million | $88,207 | Continental Bank & Trust Co |
| Mountainwest S&LA | Ogden | September 21, 1988 | $284.5 million | $262.3 million | ||
| Sandy State Bank | Sandy | May 27, 1988 | $8.9 million | $8 million | $1.9 million | Zions First National Ban |
Other failed banks Zions First National Ban took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Sandy State Bank | Sandy | UT | May 27, 1988 | $8.9 million | $8 million | $1.9 million | Zions First National Ban |
| Pioneer State Bank | Salt Lake City | UT | January 24, 1986 | $11.7 million | $10.9 million | $537,223 | Zions First National Ban |
All bank failures in 1988 · All bank failures in Utah · Every failed bank Zions First National Ban took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.