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The First National Bank of Nevada, along with its sister bank, First Heritage Bank, were closed by the Federal Deposit Insurance Corporation (FDIC) on July 25, 2008. The banks' assets were purchased by Mutual of Omaha and were reopened on Monday, July 28, as Mutual of Omaha branches.Associated Press: FDIC takes over two more banks, closing 28 branches (July 26, 2008)
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Fast Facts
- Owned by First National Bank Holding Co. which also owns First Heritage Bank N.A.Associated Press: FDIC takes over two more banks, closing 28 branches (July 26, 2008)
- Assets insured by the (FDIC) FDIC:First National Bank of Nevada
- Closing affects 28 branchesAssociated Press: FDIC takes over two more banks, closing 28 branches (July 26, 2008)
- Waiting customers were reportedly calm and patient, unlike IndyMac customersAssociated Press: FDIC takes over two more banks, closing 28 branches (July 26, 2008)
- First National and First Heritage are the 9th and 10th banks to close since February, 2007AFP: US shuts down two more banks (July 26, 2008)
- Closures occurred because of lack of capital and losses stemming from risky real estate investmentsAssociated Press: FDIC takes over two more banks, closing 28 branches (July 26, 2008)
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FDIC
The FDIC is the federal regulatory body that insures funds at U.S. banks.FDIC: FAQ The FDIC guarantees up to $100,000 of insurance for bank accounts and up to $250,000 per bank for Individual Retirement Accounts (IRAs) per bank. If bank customers hold more than that amount at any one bank, their accounts are not guaranteed to be fully insured, but they might be fully insured depending on certain criteria.FDIC:First National Bank of NevadaFDIC: Electronic Deposit Insurance Estimator (EDIE) -
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View All First National Bank of Nevada Questions (3841) | Ask a QuestionMaria Bartiromo to George Soros about the banks that will not be allowed to fail. Theyll be nationalized? (2 Answers)bbrookin, I don't think I disagree with you, but I am sure I do not quite understand what you are saying. What Mr. Soros is saying is that it is ... read moreWhy did Japan nationalize its banks during the financial meltdown of the 1990s? (1 Answer)The only one I really agree with is number 5: "The rescue of the backs came at a high cost to the Japanese taxpayer" The following passage from the Wallstreet ... read moreShould the government nationalize the big banks? Didnt we have a national bank in the early years of our countrys history? (7 Answers)No you should not nationalize the banking system for all of the reasons covered by the people answering this question. It is now a mantra in the corporate media — ... read moreWhy does Asia fear nationalization when both Citigroup and Bank of America say, no to nationalization? (1 Answer)I'm sure Citi and BOA do not prefer to nationalize, but at some point the government may have to say we can't bail you out on this, or at least ... read more
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