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 ...
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