WASHINGTON, Jan 30 (Reuters) - U.S. bank regulators on Friday closed MagnetBank, a small Utah bank, bringing the total of bank failures this year to four.
The Federal Deposit Insurance Corp said it could not find a buyer for MagnetBank's banking operations, but that it had approved the payout of the bank's insured deposits.
FDIC was named as the receiver of the bank, which had total assets of $292.9 million and total deposits of $282.8 million.
In 2008, 25 banks were seized by officials, up from only 3 in 2007.
During the current financial crisis, Seattle-based lender Washington Mutual became the biggest bank to fail in U.S. history. It was closed in September while suffering from losses from soured mortgages and liquidity problems.
The FDIC will insure up to $250,000 per account through 2009 and in individual retirement accounts at insured banks.
The agency also has been running a tally of problem banks that its examiners closely monitor. At the end of the third quarter, 171 undisclosed institutions were on that list.
(Reporting by John Poirier and Karey Wutkowski; Editing by Bernard Orr) Keywords: FDIC/FAILURE (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8399) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Federal Deposit Insurance Corp said it could not find a buyer for MagnetBank's banking operations, but that it had approved the payout of the bank's insured deposits.
FDIC was named as the receiver of the bank, which had total assets of $292.9 million and total deposits of $282.8 million.
In 2008, 25 banks were seized by officials, up from only 3 in 2007.
During the current financial crisis, Seattle-based lender Washington Mutual became the biggest bank to fail in U.S. history. It was closed in September while suffering from losses from soured mortgages and liquidity problems.
The FDIC will insure up to $250,000 per account through 2009 and in individual retirement accounts at insured banks.
The agency also has been running a tally of problem banks that its examiners closely monitor. At the end of the third quarter, 171 undisclosed institutions were on that list.
(Reporting by John Poirier and Karey Wutkowski; Editing by Bernard Orr) Keywords: FDIC/FAILURE (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8399) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.