A small bank in Utah has been shut down by regulators. The latest depository failure puts the nation on track to exceed the total for all of last year.

On Friday, the Utah Department of Financial Institutions seized control of Proficio Bank, a 16-year-old organization in Cottonwood Heights.

Proficio’s staff finished 2015 at 75 employees. But by the end of the following year, the bank had dramatically scaled back its payroll to just 11 people.

Source: Mortgage Daily