- First National Bank of Nevada, Reno, NV - Assets of $3.4 billion - Deposits of $3 billion (FDIC info)
- First Heritage Bank, N.A., Newport Beach, CA - Assets of $254 million - Deposits of $233 million (FDIC info)
I last checked the FDIC website at 7:30pm EDT yesterday, and it looked like it was going to be a quiet Friday. The FDIC was working late yesterday.
As you can see from the FDIC list of failed banks, two closures on the same day are rare.
The FDIC press release does have some good news regarding these closures. All insured and uninsured deposits from both banks have been transferred to the acquiring bank:
All depositors, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Mutual of Omaha Bank for the full amount of their deposits.
So it appears no one will lose any of their deposits. The FDIC says this is only the second time in the last 10 closures in which a bank acquired all of the failing banks' insured and uninsured deposits.
Also part of this closure is First National Bank of Arizona which had recently merged into First National Bank of Nevada. These banks had been offering some attractive CD specials over the last few months. My lasts post was on June 13th. BauerFinancial had given it a rating of 2 stars (problematic) based on 3/31/08 data. Bankrate gave the bank its lowest rating of 1 star which was also based on 3/31/08 data. So Bankrate proved to be more accurate for this case.
