Bank failure · WV

Magnet Bank FSB (Charleston, WV) — failed February 10, 1988

Magnet Bank FSB of Charleston, West Virginia was closed on February 10, 1988 and resolved through a a/a. Traders Fs&la (WV) took over its insured deposits. At failure it held $547.1M in assets and $418.8M in deposits. The FDIC's estimated loss on the failure is $115.9M (21.2% of assets).