Failed Bank List

Closed Friday, March 3, 2017 · Cottonwood Heights, Salt Lake County, Utah

Proficio Bank

No bank in Utah had failed for five years, since SunFirst Bank closed in 2011. Proficio Bank's assets had shrunk 78% from their peak in the third quarter of 2012 by the last report before closing. It reported a net loss in six of its final eight reporting years.

On the books, 2009 to 2016

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$80M$160M$240M$320M2010201120122013201420152016Closed
Total assets peaked at $304 million. Equity capital went from 14% of assets in the first quarter of 2009 to 3.4% at the last report. The deepest annual loss, $13.6 million, was booked in 2014.
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$16M−$16M2009: −$2.6 million20099.7%2010: −$10.4 million201013%2011: −$6.6 million20118.4%2012: $6.3 million201212%2013: $884 thousand201315%2014: −$13.6 million20147.8%2015: −$8.4 million20154.1%2016: −$4.1 million20163.4%

Size against the other 2017 failures

Total assets of the 8 banks that failed in 2017, log scale$10M$100M$1B$10B
Total assets of each 2017 failure, log scale; Proficio Bank in red.

By assets it ranked sixth of the 8 failures in 2017. Within Utah it ranks 15th by size of the 27 failures recorded since 1934. Across the failures of 2017, the median estimated loss came to 16% of assets. In the size ranking of that year, just above it was Harvest Community Bank of Pennsville, New Jersey ($124 million, loss 18% of assets); just below, Fayette County Bank of Saint Elmo, Illinois ($34.4 million, loss 24% of assets). Every 2017 failure in the explorer.

Failures in Utah

No bank in Utah has failed since. 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), Advanta Bank Corp. (2010).

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, 2017 in red. Every Utah failure

The acquiring bank

Cache Valley Bank of Logan, Utah took over three failed banks between 2000 and 2026. The others:

  • America West BankLayton, UT · May 1, 2009
  • SunFirst BankSaint George, UT · November 4, 2011

FDIC certificate 35495 · loss estimate as of July 31, 2026 · How to read this page