11th U.S. Bank Collapse This Year

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11th U.S. Bank Collapse This Year

Postby onepence~2 » 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 ...

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