Monday, July 28, 2008

Bloomberg: U.S. Shuts California, Nevada Banks as Failures Rise News

July 26 (Bloomberg) -- U.S. banking regulators closed two
lenders in California and Nevada, two weeks after the collapse
of IndyMac Bancorp Inc., as loan defaults and foreclosures soar.

First National Bank of Nevada, with $3.4 billion in assets,
and Newport Beach, California-based First Heritage Bank, with
$254 million, lacked sufficient capital, the Office of the
Comptroller of the Currency
said yesterday in a statement. Their
deposits and some assets will be acquired by Mutual of Omaha
Bank, the Federal Deposit Insurance Corp. said.

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