National Bank of Nevada and First Heritage Bank Latest Banks to Close

Written by:
Jagajeet Chiba
Published on:
Jul/26/2008

With Bank United and Downy Financial standing the best chance of closing down according to the prediction market at intrade.com it was National Bank of Nevada and First Heritage Bank that bit the bullet this weekend.

The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators.

The banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled to reopen on Monday as Mutual of Omaha Bank branches, the Federal Deposit Insurance Corp. said.

As of June 30, the closed banks had total assets of $3.6 billion. That's down from $4.1 billion six months earlier. Most of the assets are in 1st National while First Heritage accounts for $254 million.

Unlike the closure of IndyCal Bank two weeks ago, both insured and uninsured account holders at the two banks will have access to all funds, including those over $100,000, thanks to the acquisition by Mutual of Omaha.

The FDIC Board of Directors approved the assumption of more than $3 billion in deposits by Mutual of Omaha Bank. FDIC will retain most of First National's loan portfolio.

"We would first like to reassure all customers of First National Bank of Nevada and First Heritage Bank that all their deposits are safe and accessible." Jeff Schmid, chairman and CEO of Mutual of Omaha Bank, said. "Their deposits will automatically transition to Mutual of Omaha Bank and we will be open for business on Monday morning."

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