The Utah Department of Financial Institutions closed SunFirst Bank, Saint George, Utah, and appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, under which Cache Valley will assume most of the deposits of SunFirst Bank. The FDIC will retain $15 million in deposits that […]
FDIC Sells Failed Bank Assets For Pennies On The Dollar To Bank With Outstanding TARP Loans
December 22, 2010 By Leave a Comment
December 22, 2010 – The FDIC closed on the sale of $279 million of assets from nine failed bank receiverships. The winning bidder of the asset pool was Cache Valley Bank, Logan, Utah, with a purchase price of 22.2% of the unpaid principal balance of $279 million. The failed bank assets will be placed into […]