PYMNTS
MARCH 19, 2020
The Federal Deposit Insurance Corporation ( FDIC ) gave the green light to an application from the FinTech firm Square to create a de novo industrial bank in Utah, the agency said on Wednesday (March 18). The headquarters will be in Salt Lake City, Utah. Square launched its campaign to open a bank more than two years ago.
American Banker
JANUARY 4, 2024
The FDIC's public rebuke against it indicates a last-ditch effort to figure out a less messy solution than receivership. One of the smallest banks in the country hasn't consistently made a profit since 2007 and has been the subject of enforcement actions.
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American Banker
APRIL 25, 2024
Experts criticized the FDIC for allowing the bank's demise to play out in slow motion. Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators.
PYMNTS
JULY 26, 2019
FDIC) and the state of Utah for an industrial loan company (ILC) charter. The bank would be headquartered in Utah and could handle users’ deposits, according to Lee Carter, Rakuten head of banking and potential ILC CEO. We’ll have specific goals for community service and investments back into the community.”.
American Banker
DECEMBER 30, 2019
Organizers of Bank of St. George still need to raise $18 million before opening.
PYMNTS
JUNE 20, 2017
The Independent Community Bankers of America, a trade group representing about 6,000 small banks holding almost $5T in assets, is lining up against SoFi, urging the Federal Deposit Insurance Corporation to reject its application to launch a banking unit. Ten years ago Walmart to launch in Utah, where many ILCs are based, and was shut down.
CFPB Monitor
JANUARY 24, 2022
as a full service national bank headquartered in Cottonwood Heights, Utah. In its press release announcing the withdrawal, the OCC stated that Figure Technologies had amended its charter application for Figure Bank, National Association, to offer FDIC-insured deposit accounts.
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