11th U.S. Bank Collapse This Year
Posted: Sun Sep 07, 2008 4:41 am
Silver State of Nevada Is 11th U.S. Bank Collapse This Year
By Alison Vekshin and Ari Levy
http://www.bloomberg.com/apps/news?pid= ... =worldwide
Sept. 6 (Bloomberg) -- Silver State Bank of Henderson, Nevada was closed by U.S. regulators, the 11th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Depression.
Silver State, with $2 billion in assets and $1.7 billion in deposits, was shut by the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp., the FDIC said yesterday in a statement. Nevada State Bank in Las Vegas will assume the deposits from Silver State, which was run by Silver State Bancorp. The failed bank's offices will open Sept. 8 as branches of Nevada State and National Bank of Arizona, the FDIC said.
``Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship,'' the FDIC said.
Banks are being closed at ...
By Alison Vekshin and Ari Levy
http://www.bloomberg.com/apps/news?pid= ... =worldwide
Sept. 6 (Bloomberg) -- Silver State Bank of Henderson, Nevada was closed by U.S. regulators, the 11th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Depression.
Silver State, with $2 billion in assets and $1.7 billion in deposits, was shut by the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp., the FDIC said yesterday in a statement. Nevada State Bank in Las Vegas will assume the deposits from Silver State, which was run by Silver State Bancorp. The failed bank's offices will open Sept. 8 as branches of Nevada State and National Bank of Arizona, the FDIC said.
``Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship,'' the FDIC said.
Banks are being closed at ...