Proficio Bank becomes first Utah failure in six years
Utah state regulators closed Proficio Bank in Cottonwood Heights on Friday, marking the year’s third failure.
The $68.2 million-asset Proficio’s operations, including one branch, were sold to Cache Valley Bank in Logan, Utah. Cache agreed to assume all of Proficio’s $65 million in deposits and $60.1 million of its assets. The Federal Deposit Insurance Corp. will retain the rest for disposition later.
The failure is estimated to cost the Deposit Insurance Fund $11 million. Proficio is the first Utah bank to be closed since SunFirst Bank in Saint George in November 2011.