On Friday, January 30, 2009, MagnetBank was closed by the Utah Department of Financial Institutions. The FDIC was named Receiver. An assuming institution could not be located.
The FDIC as Receiver for MagnetBank, Salt Lake City, UT has taken all actions necessary to terminate the Receivership Estate. The Receiver published a legal notice of intent to terminate the receivership on August 11, 2022 and has made all dividend distributions required by law.
Effective February 1, 2023, the Receiver was discharged and the Receivership Estate was terminated and ceased existence as a legal entity.
Receivership Status: TERMINATED
Notice of Termination
Notice of Intent to Terminate
Dividend Information
Press Release
Beware of scams!
Please be advised you will not receive any email notification to claim/unlock/suspend your account or to provide any private information. Please be aware of any phishing scams to obtain information from you.
PAYMENT OF INSURED ACCOUNTS
Depositors Mailed Checks For Their Insured Amounts
The FDIC has fulfilled its obligation to insured depositors by mailing checks for their insured amounts on Sunday evening, February 1, 2009.
Uninsured Depositors
As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends, if any, to approved creditors in order of priority.