FIs closed: SunFirst Bank, Saint George, Utah, USA
On Friday,4 November, 2011, SunFirst Bank, Saint George, Utah, USA was closed by the Utah Department of Financial Institutions, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, to assume most of the deposits of SunFirst Bank.
The FDIC will retain approximately USD15 million in deposits that may be subject to external litigation involving SunFirst Bank. The affected accounts were frozen prior to the failure of the bank. All other accounts were transferred to Cache Valley Bank.
The three branches of SunFirst Bank reopened during their normal business hours beginning Saturday as branches of Cache Valley Bank.
As of 30 September, 2011, SunFirst Bank had approximately USD198.1 million in total assets and USD169.1 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD49.7 million. SunFirst Bank is the 87th FDIC-insured institution to fail in the USA this year and the first in Utah.
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