MagnetBank

Who: MagnetBank

What: 4th bank failure of 2009 (Jan. 30, 2009)

Where: Salt Lake City, Utah

Why: Risky loans associated with the construction industry.

Fast Facts: After an extensive marketing process, the FDIC was unable to find another financial institution to take over the banking operations of MagnetBank; as of December 2, 2008, had total assets of $292.9 million and total deposits of $282.8 million. The last time the FDIC was forced to make such a payout was in 2004 in connection with the failure of Newark, N.J.-based Dollar Savings Bank, reports Dow Jones. It is estimated that the bank did not have any uninsured funds. It is the first bank in Utah to fail this year. Utah's Bank of Ephraim, was closed on June 25, 2004.

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