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Saturday, July 26, 2008

Two more american banks close

July 26 2008
1st National Bank of Nevada and First Heritage Bank N.A. were closed Friday July 25, 2008 by federal regulators. Customers were assured that every penny of their money was protected, preventing lines of angry accountholders from forming Saturday. Mutual of Omaha Bank bought all of the two banks' deposits, even those over the amount protected by FDIC insurance limits.

Insurance limits are typically $100,000, but some accounts, such as joint accounts, can have more money protected.

The Office of the Comptroller of the Currency said that 1st National was undercapitalized and had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. First Heritage was critically undercapitalized and was likely to incur losses that would deplete all or nearly all of its capital.

List of Banks That Have Closed

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