FDIC Closes Utah’s MagnetBank
Since the downfall of the economy in 2007, officials have seized approximately 25 banks. In 2006, only 3 banks had been closed. Now, in January, only a month into 2009, MagnetBank of Utah is the 4th United States bank to see its business taken over by the Federal Deposit Insurance Corp (FDIC).With a total of over $282 million in deposits, and assets reaching over $292 million, MagnetBank had no buyers.Among the 2008 FDCI seized banks, Washington Mutual based in Seattle, was forced to close sever
More: continued here
Tags: 2008, Business, E, Insurance, The, United States