FDICBanks.com

FDIC Approves the Payout of the Insured Deposits of Advanta Bank Corp., Draper, Utah

The Federal Deposit Insurance Corp. (FDIC) approved the payout of the insured deposits of Advanta Bank Corp., Draper, Utah. The bank was closed today by the Utah Department of Financial Institutions, which appointed the FDIC as receiver.

The FDIC was unable to find another financial institution to take over the banking operations of Advanta Bank Corp. As a result, checks to depositors for their insured funds will be mailed on Monday. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed deposits with brokers should contact the brokers directly for more information about the status of their funds.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-537-4048. Customers with accounts in excess of $250,000 also should contact the toll-free number to set up a telephone appointment to discuss their deposits. The phone number will be operational this evening until 9:00 p.m. Mountain Daylight Time (MDT); on Saturday from 9:00 a.m. to 6:00 p.m. MDT; and on Sunday from noon to 6:00 p.m. MDT; and thereafter from 8:00 a.m. to 8:00 p.m. MDT. Interested parties can also visit the FDIC’s website.

Advanta Bank Corp. is the 33rd FDIC-insured institution to fail this year and the third in Utah. The last to fail in Utah was Centennial Bank, Ogden, which was closed on March 5, 2010. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $635.6 million.

FDIC 03/19/10