Data / Bank failures / 1987 / Rocky Mountain State Bank
Rocky Mountain State Bank, Salt Lake City, UT: failed August 28, 1987
Rocky Mountain State Bank in Salt Lake City, Utah, failed on August 28, 1987. Citibank Utah of Salt Lake City, UT, took over its deposits. It held $18.6 million in assets and $17.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $3 million (16.2% of its assets). By assets it was the 155th largest of 262 banks closed or assisted in 1987.
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The FDIC's record
- Closed
- August 28, 1987
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Citibank Utah, Salt Lake City, UT
- Total assets
- $18,567,000
- Total deposits
- $17,864,000
- Estimated cost to the FDIC
- $2,999,666 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- FDIC
- FDIC certificate
- 22222
Other bank failures in Utah, 1985 to 1989
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| Basin State Bank | Vernal | February 12, 1988 | $12 million | $11.5 million | $3.4 million | Zions First National Ban |
| Heritage Bank & Trust | Salt Lake County | April 29, 1987 | $17.6 million | $16.2 million | $109,734 | First Interstate BK of U |
Other failed banks Citibank Utah took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Utah Firstbank | Salt Lake City | UT | January 24, 1986 | $38.5 million | $39.6 million | $10.3 million | Citibank Utah |
All bank failures in 1987 · All bank failures in Utah · Every failed bank Citibank Utah 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.