Data / Bank failures / 2009 / Magnet Bank
Magnet Bank, Salt Lake City, UT: failed January 30, 2009
Magnet Bank in Salt Lake City, Utah, failed on January 30, 2009. It held $300.7 million in assets and $282.6 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $170.1 million (56.6% of its assets). By assets it was the 73rd largest of 148 banks closed or assisted in 2009.
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The FDIC's record
- Closed
- January 30, 2009
- Type
- Failure
- How it was resolved
- Payout: the FDIC paid insured depositors directly
- Total assets
- $300,674,000
- Total deposits
- $282,578,000
- Estimated cost to the FDIC
- $170,125,212 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 58001
Other bank failures in Utah, 2007 to 2011
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Sunfirst Bank | Saint George | November 4, 2011 | $198.1 million | $169.1 million | $43.6 million | Cache Valley Bank |
| Advanta Bank Corp. | Draper | March 19, 2010 | $1.53 billion | $1.52 billion | $521.5 million | |
| Centennial Bank | Ogden | March 5, 2010 | $212.8 million | $205.1 million | $70.5 million | |
| Barnes Banking Company | Kaysville | January 15, 2010 | $709.2 million | $697.1 million | $106.8 million | |
| America West Bank | Layton | May 1, 2009 | $281.6 million | $286 million | $114.4 million | Cache Valley Bank |
| Merrill Lynch Bank USA (assistance) | Salt Lake City | January 16, 2009 | $61.81 billion | $53.62 billion |
All bank failures in 2009 · All bank failures in Utah · 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.