Friday, May 28, 2010

Bank Failure #78: Sun West Bank, Las Vegas, Nevada

by Bill McBride on 5/28/2010 09:09:00 PM

Fiery twilight
Crepuscular Sun West Bank
Radiant, now dark

by Soylent Green is People

From the FDIC: City National Bank, Los Angeles, California, Assumes All of the Deposits of Sun West Bank, Las Vegas, Nevada
Sun West Bank, Las Vegas, Nevada, was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of March 31, 2010, Sun West Bank had approximately $360.7 million in total assets and $353.9 million in total deposits....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $96.7 million. ... Sun West Bank is the 78th FDIC-insured institution to fail in the nation this year, and the second in Nevada. The last FDIC-insured institution closed in the state was Carson River Community Bank, Carson City, on February 26, 2010.
That makes five today ...