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)
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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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)
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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)
