U.S. Government regulators close two more banks

July 26, 2008 by · Leave a Comment
Filed under: Bank Failure, Industry News 

After breezing through Reuters on this Saturday morning, I found this article about two more banks being closed after regulators deemed they were undercapitalized and were no longer able to operate as a banking institute. First National Bank of Nevada and First Heritage Bank NA of California are the banks of subject.

First National Bank of Nevada, had total assets of $3.4 billion and $3 billion in deposits. First Heritage, described as critically undercapitalized, had assets of $254 million and $233 million in deposits, regulators said.

The FDIC said the cost of the transactions to its insurance fund is estimated to be $862 million, adding that the two failed banks represent just 0.3 percent of $13.4 trillion in total industry assets at about 8,500 FDIC-insured institutions.

FDIC has made the commitment that all the branches will be open on Monday morning so depositors have access to there deposits.

Source: Reuters

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