Bank failure · UT

Basin State Bank (Vernal, UT) — failed February 12, 1988

Basin State Bank of Vernal, Utah was closed on February 12, 1988 and resolved through a purchase and assumption. Zions First National Ban (UT) took over its insured deposits. At failure it held $12.0M in assets and $11.5M in deposits. The FDIC's estimated loss on the failure is $3.4M (28.5% of assets).