Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
WASHINGTON (AP) -- Federal regulators have closed Salt Lake City-based MagnetBank, the fourth U.S. bank failure this year.
The Federal Deposit Insurance Corp. was appointed as receiver of the bank, which had assets of $292.9 million and deposits of $282.8 million as of Dec. 2.
The FDIC says it was unable to find another bank willing to take over MagnetBank's deposits and operations. As a result, the agency says checks will be mailed on Monday morning to retail depositors for the amount of their insured funds.
(Copyright 2009 by The Associated Press. All Rights Reserved.)