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.
Michael
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though not related to this post, I saw this yesterday and thought you'd be interested.
http://www.indiana.gov/portal/news_events/25427.htm
"Governor Mitch Daniels has proclaimed Sept. 7 - 13 2008 as Indiana Preparedness Week. To mark the occasion, state officials are urging residents to take four steps to be prepared in case of an emergency: make a plan, get a kit, be informed, and get involved."
I sure hope nobody really believes that the FDIC is going to be able to fund all of the already failing banks, AND those that will fail in the immediate future. What a lie has been foisted on the American public. The Fed is going to be coming after the taxpayers' wallet and very soon. Higher taxes will only bring more with it - less money to spend, less profit for the stores, employee layoffs. Talk about at Catch 22.
Does anybody recall the Resolution Trust Fund of the 1980s? Google it, see what it did to the taxpayers. What we are facing now, makes that bailout look like chump change.
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