SunFirst Bank, Saint George, Utah, Finally Closed By Regulators

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 – 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 […]