Saturday, July 26, 2008

Two FDIC Insured Banks Fail

by Calculated Risk on 7/26/2008 02:57:00 AM

From the FDIC: Failed Bank Information

First National Bank of Nevada, Reno, NV

First Heritage Bank, N.A., Newport Beach, CA

As of June 30, 2008, First National of Nevada had total assets of $3.4 billion and total deposits of $3.0 billion. First Heritage Bank had total assets of $254 million and total deposits of $233 million.
The cost of the transactions to the Deposit Insurance Fund is estimated to be $862 million.
I go away for a few days and two banks fail!