Closed Friday, June 25, 2004 · Ephraim, Sanpete County, Utah
Bank of Ephraim
No bank in Utah had failed for 13 years, since Home Savings Bank closed in 1990. Bank of Ephraim was the second-largest of the 4 bank failures in 2004.
On the books, 1996 to 2004
Total assets peaked at $61.8 million in the third quarter of 2003 and were 8% lower at the final report. Equity capital went from 15% of assets in the second quarter of 1996 to 7.6% at the last report. The deepest annual loss, $778 thousand, was booked in 2003.* 2004: January to March only, the last report before closing.
Size against the other 2004 failures
Total assets of each 2004 failure, log scale; Bank of Ephraim in red.
Within Utah it ranks 16th by size of the 27 failures recorded since 1934. Across the failures of 2004, the median estimated loss came to 1.6% of assets. In the size ranking of that year, just above it was Guaranty National Bank of Tallahassee of Tallahassee, Florida ($71.3 million, no estimated loss); just below, Reliance Bank of White Plains, New York ($28.6 million, loss 3.2% of assets). Every 2004 failure in the explorer.
Failures in Utah
The next was MagnetBank of Salt Lake City, on January 30, 2009. No other failed bank in the FDIC's records was based in Sanpete County.