..

SunFirst Bank Could Go Belly Up After Online Poker Indictments

Written by:
C Costigan
Published on:
Sep/01/2011
SunFirst Bank

SunFirst Bank, which is alleged to have processed online poker transactions and disguising them as dog food and golf ball purchases, appears to be on life support.

Executives of the bank were charged along side the co-founders of three online poker companies, including Full Tilt Poker, PokerStars and UB.com.

The FDIC ordered the St. George, Utah-based bank to take corrective action in order to raise needed capital or otherwise sell the bank.  The directive was issued July 28 but with a 30 day compliance period that has reached its deadline. 

SunFirst had $17,048,000 in total equity capital on June 30, representing a decline from the $23,645,000 in total equity capital recorded in June of 2010, according to the FDIC.
"They are facing the same troubles that all banks in the country are facing," said Tom Bay, supervisor of banks for the Utah Department of Financial Institutions. "The real estate downturn and the economic crisis have hurt the banking industry."

SunFirst was widely believed to have been in trouble at the time they forged a relationship with the three big US-facing online poker rooms.  In exchange for allowing the gambling transactions, the online poker companies are alleged to have invested in the financial institution.

Interestingly, the FDIC conducted an examination of the bank on April 11, just days before the indictments were handed down against Stars, Full Tilt and UB.com.

- Chris Costigan, Gambling911.com Publisher

Poker News

Bulgarian poker legend Bozhkov faces extortion charges

Vasil Bozhkov is one of Bulgaria’s richest men and is famous worldwide for his outstanding poker skills.

Nelly Goes Nuts at Poker Table

Hiphop artist Nelly ("Hot in Here") got into a heated exchange with a fellow poker player following a performance in Connecticut.

New Mexico Poker

Sorry this page no longer exists.

Poker News - January 27, 2020: Fredrik Björklund Accused of Scamming Fellow Pro For WCOOP Entry

Welcome to our new Poker News blog, all the latest tournament, player and juicy stories related to the game for this day Monday January 27, 2020. 

Seminole Hard Rock Hotel & Casino Hollywood Announces Winner of 2020 Lucky Hearts Poker Open

Seminole Hard Rock Hotel & Casino Hollywood Announces Winner of 2020 Lucky Hearts Poker Open

Seminole Hard Rock Hotel & Casino in Hollywood, Fla. concluded its 2020 Lucky Hearts Poker Open (LHPO) Wednesday. Besting 843 entries in the WPT NLH Championship, Brian Altman, of Boston, Mass. made history by winning his second career WPT LHPO title for $482,636 plus a $15,000 entry into the season-ending Baccarat Crystal WPT Tournament of Champions.

Syndicate