Utah marks first industrial bank failure

SALT LAKE CITY (AP) - Regulators have shut down and taken over a Utah bank after declaring it insolvent.

Utah Banking Commissioner Edward Leary says Draper-based Advanta Bank Corp. was primarily in the business of offering businesses credit-card loans.

The state took over the industrial bank Friday and appointed the Federal Deposit Insurance Corp. to bail out depositors.

Leary says Advanta failed to raise enough capital to protect itself. It had assets and deposits of around $1.5 billion.

Leary says Advanta is the third Utah-chartered bank to fail this year and the state's first failed industrial bank.

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