State regulators on Friday seized SunFirst Bank in St. George, raising to six the number of banks in Utah that have failed since the U.S. financial crisis and Great Recession began in 2007. The Department of Financial Institutions immediately appointed the Federal Deposit Insurance Corp. as receiver. Cache Valley Bank of Logan agreed to purchase most of the deposits of SunFirst. Cache Valley will reopen SunFirst’s three branches Saturday, and depositors will become Cache Valley customers. All deposits up to $250,000 are federally insured. Salt Lake Tribune
