# MAGNET BANK FSB

> **Failed bank** · CHARLESTON, WV · failed 1988-02-10 · Savings bank · FDIC cost $116M

## What happened

MAGNET BANK FSB of CHARLESTON, WV was closed by state regulators on **1988-02-10**. The FDIC was named receiver.

**Resolution:** A/A

Deposits were transferred to **TRADERS FS&LA** (CHARLESTON, WV). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 1621
- **FDIC Certificate:** 29257
- **FDIC FIN:** 1722
- **Bank name:** MAGNET BANK FSB
- **Location:** CHARLESTON, WV
- **Failure date:** 1988-02-10
- **FDIC resolution date:** 1988-02-10
- **Charter type:** Savings bank
- **Resolution type:** A/A
- **Estimated FDIC DIF cost:** $116M
- **Deposits at failure:** $419M
- **Assets at failure:** $547M
- **Acquiring bank:** TRADERS FS&LA (CHARLESTON, WV)

## Other banks TRADERS FS&LA has acquired in FDIC resolutions

- MOUNTAIN STATE FS&LA (CLARKSBURG, WV) — failed 1988-02-10 — /failed-bank/1622

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=MAGNET%20BANK%20FSB

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, MAGNET BANK FSB (FDIC ID 1621), failed 1988-02-10. Retrieved via AI Analytics 2026-07-16 from https://api.ai-analytics.org/failed-bank/1621.

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