Regulators Close a Bank in Nevada

Published: September 5, 2008

WASHINGTON (AP) — Nevada regulators have shut down Silver State Bank in the 11th failure this year of a federally insured bank.

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Frank Curry for The New York Times

A computer being assembled at a Dell factory in Austin, Tex., that the company plans to close by the end of this year.

The Federal Deposit Insurance Corporation was appointed receiver of the bank, located in Henderson, Nev. It had $2 billion in assets and $1.7 billion in deposits as of June 30.

The F.D.I.C. said on Friday the bank’s insured deposits will be assumed by Nevada State Bank of Las Vegas. Its branches will reopen Monday as offices of Nevada State Bank in Nevada and National Bank of Arizona in Arizona.

The agency said depositors of Silver State Bank will continue to have full access to their deposits.

The 11 failures so far this year compare with three for all of 2007, and federal banking officials have said that more banks are in danger of collapse. The F.D.I.C. estimated its resolution will cost the deposit insurance fund $450 million to $550 million.


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