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Kaysville, Utah-based Barnes Banking Company fails

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SALT LAKE CITY (AP) -- Regulators have shut down a Utah bank -- the first bank failure in the state since May 2009.

Utah Department of Financial Institutions Commissioner G. Edward Leary said Friday the department shut Barnes Banking Company, based in Kaysville.

The department says Leary appointed the Federal Deposit Insurance Corporation as receiver and that it created the Deposit Insurance National Bank of Kaysville (DINB) to protect depositors.

DINB of Kaysville will remain open for about 30 days to let depositors access their insured deposits and open accounts elsewhere.

Leary found that Barnes Banking Company was insolvent. Leary says efforts by Barnes to raise capital to an acceptable level weren't successful.

Barnes was chartered in 1891. As of Sept. 30, 2009 it had assets of about $828 million and deposits of about $787 million.

(Copyright 2010 by The Associated Press. All Rights Reserved.) APTV-01-15-10 1915MST

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