On Friday, the Utah Department of Financial Institutions closed Advanta Bank Corp., headquartered in Draper, Utah, and the FDIC was named receiver. The FDIC was unable to find another financial institution to take over the banking operations of Advanta Bank Corp. and approved a payout of the insured deposits of the failed bank. As of December 31, 2009, Advanta Bank Corp. had approximately $1.6 billion in total assets and $1.5 billion in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $635.6 million. Advanta Bank Corp. is the 33rdFDIC-insured institution to fail this year and the thirdin Utah.