America West Bank, Layton, UT

State and federal regulators closed America West Bank, Layton, Utah, late on Friday, making it the 32nd failure of the year. The FDIC said in a statement that Cache Valley Bank of Logan, Utah, will assume all of America West’s deposits. America West Bank had total assets of approximately $299.4 million and total deposits of $284.1 million as of December 31, 2008. Cache Valley Bank paid a discount of $352,000 to acquire all of the deposits of the failed bank.

America West Bank had total assets of about $299.4 million and total deposits of $284.1 million. Logan, Utah-based Cache Valley Bank agreed to assume all of the deposits of the failed bank at a discount of $352,000. The three branches of America West will reopen on Monday as branches of Cache Valley Bank.

For more details go to the FDIC web page.

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