Failed Bank List

Closed Friday, March 19, 2010 · Draper, Salt Lake County, Utah

Advanta Bank Corp.

No bank took over Advanta Bank Corp.'s deposits: the FDIC paid insured depositors directly. Its assets had shrunk 51% from their peak in the fourth quarter of 2008 by the last report before closing. Of the 27 failed banks on record in Utah since 1934, it ranks second by size.

On the books, 2002 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$800M$1.6B$2.4B$3.2B2003200420052006200720082009Closed
Total assets peaked at $3.1 billion. Equity capital went from 18% of assets in the first quarter of 2002 to below zero at the last report. The deepest annual loss, $451 million, was booked in 2009.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$600M−$600M2002: $61.6 million200221%2003: $61.7 million200326%2004: $78.9 million200425%2005: $81.3 million200522%2006: $107 million200620%2007: $101 million200718%2008: $6.3 million200812%2009: −$451 million2009neg.

Size against the other 2010 failures

Total assets of the 157 banks that failed in 2010, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 2010 failure, log scale; Advanta Bank Corp. in red.

By assets it ranked 14th of the 157 failures in 2010. Across the failures of 2010, the median estimated loss came to 21% of assets. Ranked by estimated loss, it is 83rd of 2,944 failures since 1934. In the size ranking of that year, just above it was Hillcrest Bank of Overland Park, Kansas ($1.6 billion, loss 17% of assets); just below, Charter Bank of Santa Fe, New Mexico ($1.2 billion, loss 11% of assets). Every 2010 failure in the explorer.

Regulators closed seven banks that day. The largest of the others was Appalachian Community Bank of Ellijay, Georgia, at $1.0 billion.

Failures in Utah

It was one of three banks in Utah to fail in 2010. The previous failure there was Centennial Bank of Ogden, on March 5, 2010. The next was SunFirst Bank of Saint George, on November 4, 2011. Salt Lake County has 13 failed banks on FDIC record since 1934. Closest in time: American Savings and Loan Association, A Federal Association (1989), Williamsburg Savings Bank (1990), Home Savings Bank (1990), MagnetBank (2009), Proficio Bank (2017).

Bank failures in Utah per year, 1980 to 2026012341984: 11985: 21986: 41987: 31988: 31989: 31990: 22004: 12009: 22010: 32011: 12017: 119801990200020102020
Per year since 1980, 2010 in red. Every Utah failure

FDIC certificate 33535 · loss estimate as of July 31, 2026 · How to read this page