$301M
total assets, September 30, 2008
MagnetBank was a state nonmember bank in Salt Lake City, UT. It failed on Jan 30, 2009, and its insured deposits were paid out. At its last report it held $300.7 million in assets.
Updated Oct 11, 2026 · numbers as of September 30, 2008
This bank failed
- Failed on
- Jan 30, 2009
- Assets
- $301M
- Deposits
- $283M
- Estimated cost
- $170M
- Deposits went to
- payout
Total assets
$301M
-36.3% in a year · -12.8% in a quarter
Deposits
$283M
-31.9% in a year · -11.6% in a quarter
Loans
$253M
-40.1% in a year · -16.4% in a quarter
Profit so far
-$24.3M
Jan 1 to Sep 30, 2008 · -12600.5% in a year
Capital ratio
4.84%
-4.57 pts in a year
Return on assets
-8.36%
-8.41 pts in a year
Facts
- Type
- State nonmember bank
- Head office
- 2825 East Cottonwood Parkway, Suite 180, Salt Lake City, UT, 84121
- County
- Salt Lake
- Established
- Sep 29, 2005
- Failed
- Jan 30, 2009
- Employees
- 21
- Branches
- 1
- Id
- b58001
Quarter by quarter
September 30, 2005 to September 30, 2008
Assets, deposits and loans
Each quarter end, US dollars
Profit by quarter
Net income of each quarter, the last 12
Ratios
Percent. Return on assets and net interest margin are yearly rates.
Related pages
Questions and answers
How big is MagnetBank?
$300.7 million in total assets and $282.6 million in deposits as of September 30, 2008, with assets down 36.3% from a year before. Its loans were $252.8 million.
How many branches does MagnetBank have?
1 branch in Utah as of June 30, 2026.
Is MagnetBank profitable?
No: it lost $24.3 million from January 1 to September 30, 2008. Its return on assets was -8.36% a year; about 1% is typical.
When did MagnetBank fail?
Jan 30, 2009. The estimated cost of the failure was $170.1 million.
Official public data from the reports every insured bank files each quarter. Profit so far runs from January 1 to the quarter end. Branch deposits are counted once a year, as of June 30. New quarters appear about two months after the quarter ends.