Cache Valley Bank, Logan, Utah, Assumes All of the Deposits of Proficio Bank, Cottonwood Heights, Utah — 2017-03-03

Proficio Bank, Cottonwood Heights, Utah, was closed today by the Utah Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Cache Valley Bank, Logan, Utah, to assume all of the deposits of Proficio Bank. The sole branch of Proficio Bank will reopen as a branch of Cache Valley Bank during its normal business hours. Depositors of Proficio Bank will automatically become depositors of Cache Valley Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage up to applicable limits.