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FDIC closes down third bank of 2017 in the state of Utah

FDIC closes down third bank of 2017 in the state of Utah

On March 3, the FDIC closed down their third bank for 2017 as Proficio Bank shuttered its doors.  This institution is the first bank failure for the month of March, and the first Utah bank closure since November of 2011.

3/3/2017 *** Utah *** Cottonwood Heights *** Proficio Bank *** $11.0 million dollar estimated FDIC DIF cost.

The total DIF for failed banks this week is $11.0 million.

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If you were banking at Proficio Bank in Cottonwood Heights, UT, you are now banking at Cache Valley Bank based out of Logan, Utah.

For more on the FDIC bank closure lists you can go to the FDIC website and search through their report of failed banks, credit unions, and Trusts.

In 2016, there were a total of 5 banks that went into receivership, merged with another financial institutions, or closed their doors entirely.

Entering 2017, there are around 425 banks and other financial organizations on the troubled list due to mortgages, derivatives, and bad investments.

At the current rate of banks and financial institutions closing their doors so far this year, the estimated total number of failures for 2017 could reach 16.

Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.comRoguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.


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