State and federal bank regulators late Friday announced the seizure and sale of Henderson-based Silver State Bank, which bet its future on Las Vegas real estate values and lost.
The bank had $1.7 billion in deposits. Nevada State Bank is taking over the deposits insured by the Federal Deposit Insurance Corp., leaving only $20 million in uninsured deposits, which may not be wholly recovered.
Following the bank takeover, when called by a reporter, Silver State Bank President Calvin Regan said he had "no comment" and hung up the telephone.
"It would be premature at this point to comment on the situation," Silver State spokesman Steve Stern said.
Silver State Bank branches in Nevada will open Monday as part of Nevada State Bank.
[You can go to http://www.lvrj.com/business/27948319.html and get the whole story. This was a big deal bank, by the way. And check out the remarks by the woman who runs FDIC. Sounds like things are going to be rough for a while.