On Friday, the Utah Department of Financial Institutions closed Centennial Bank, headquartered in Ogden, Utah. The FDIC approved the payout of the insured deposits of the failed bank. The FDIC entered into an agreement with Zions First National Bank, headquartered in Salt Lake City, Utah, to accept the failed bank's direct deposits from the federal government, such as Social Security and Veterans' payments.
As of December 31, 2009, Centennial Bank had approximately $215.2 million in total assets and $205.1 million in total deposits. Centennial Bank is the 26th FDIC-insured institution to fail this year and the second in Utah.