Content area
Full text
On March 3, the Utah Department of Financial Institutions closed Cottonwood Heights, Utah-based Proficio Bank and appointed the FDIC as receiver, marking the third bank failure of 2017.
Click here to view the map as a PDF.
Since the beginning of 2013, only 58 banks or thrifts have failed, down significantly from the crisis-era peak of 157 failures in 2010 alone. Last year, only five banks were closed.
Proficio Bank operated one branch at the time of its closure in Cottonwood Heights, Utah, part of the Salt Lake City metro area. The bank had lost money in each of the last three years and eight of the last 10. At the end of 2016, Proficio relied on deposit listing services for 96.91% of its total deposits, a higher proportion than any other bank or thrift in the country. The bank also received 2016's only "substantial noncompliance" Community Reinvestment Act rating.