Data / Bank failures / 1986 / Utah Firstbank
Utah Firstbank, Salt Lake City, UT: failed January 24, 1986
Utah Firstbank in Salt Lake City, Utah, failed on January 24, 1986. Citibank Utah of Salt Lake City, UT, took over its deposits. It held $38.5 million in assets and $39.6 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $10.3 million (26.8% of its assets). By assets it was the 100th largest of 204 banks closed or assisted in 1986.
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The FDIC's record
- Closed
- January 24, 1986
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Citibank Utah, Salt Lake City, UT
- Total assets
- $38,492,000
- Total deposits
- $39,601,000
- Estimated cost to the FDIC
- $10,296,656 (estimate as of July 31, 2026)
- Charter
- State member bank (Federal Reserve)
- Insurance fund
- FDIC
- FDIC certificate
- 22715
Other bank failures in Utah, 1984 to 1988
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| 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 |
| Rocky Mountain State Bank | Salt Lake City | August 28, 1987 | $18.6 million | $17.9 million | $3 million | Citibank Utah |
| Heritage Bank & Trust | Salt Lake County | April 29, 1987 | $17.6 million | $16.2 million | $109,734 | First Interstate BK of U |
| Bank of Iron County | Parowan | April 10, 1987 | $19.8 million | $19.5 million | $3.8 million | Dixie State Bank |
| Western S&LA (assistance) | Salt Lake City | March 24, 1987 | $392.7 million | $360.8 million | $478,000 | Crossland Savings FSB |
Other failed banks Citibank Utah took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Rocky Mountain State Bank | Salt Lake City | UT | August 28, 1987 | $18.6 million | $17.9 million | $3 million | Citibank Utah |
All bank failures in 1986 · 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.