Closed Friday, May 1, 2009 · Layton, Davis County, Utah
America West Bank
In the three years to the third quarter of 2008, America West Bank's assets grew 261%. Equity capital was below zero at its last report. It was one of two banks in Utah to fail in 2009.
On the books, 2001 to 2009
Total assets peaked at $314 million and were 10% lower at the final report. Equity capital had covered 17% of assets in the second quarter of 2001. By then 17% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $19.3 million, was booked in 2009 in only part of the year.* 2009: January to March only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; America West Bank in red.
By assets it ranked 68th of the 140 failures in 2009. Within Utah it ranks eighth by size of the 27 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was FirstCity Bank of Stockbridge, Georgia ($285 million, loss 47% of assets); just below, First DuPage Bank of Westmont, Illinois ($262 million, loss 33% of assets). Every 2009 failure in the explorer.
Two other banks closed that day; the largest was Silverton Bank, NA of Atlanta, Georgia, at $4.2 billion.
Failures in Utah
The previous failure there was MagnetBank of Salt Lake City, on January 30, 2009. The next was Barnes Banking Company of Kaysville, on January 15, 2010. Davis County has 2 failed banks on FDIC record since 1934. The other: Barnes Banking Company (2010).