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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.)
