Utah in 2002 had 60 insured banks with total assets of $134.8 billion. Forty-nine of these banks were state-chartered.
Utah had one of the nation's highest bankruptcy and foreclosure rates as of September 2002. The number of personal bankruptcy filings for 2002 was 15% higher than 2001. The office vacancy rate in the Salt Lake City area was close to 20% in late 2002, due in large measure to weaknesses in the high technology sector. Commercial real estate (CRE) market decline adversely affected Utah's banks, as most of them hold high CRE loan concentrations.