FDIC Takes Over 2 Banks Operating In The West

FDIC Takes Over 2 Banks Operating In The West

Saturday, July 26, 2008 3:14 PM EDT
The Associated Press
By BRENDAN RILEY Associated Press Writer

CARSON CITY, Nev. (AP) — Two banks operating in Nevada, Arizona and California — 1st National Bank of Nevada and First Heritage Bank N.A. — were closed Friday by federal regulators.

The 28 branches of the banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled to reopen on Monday as Mutual of Omaha Bank branches, the Federal Deposit Insurance Corp. said.

The FDIC said the takeover of the failed banks was the least costly resolution and all depositors — including those with funds in excess of FDIC insurance limits — will switch to Mutual of Omaha with "the full amount of their deposits."

The FDIC also said accountholders can access their funds during the weekend by writing checks or using ATM or debit cards.

As of June 30, the closed banks had total assets of $3.6 billion. That's down from $4.1 billion six months earlier. Most of the assets are in 1st National while First Heritage N.A. accounts for $254 million.

Article continues here...

Hope you guys didn't have money in that Arizona bank, even though it appears you'd be OK.

Nope, we use a different one because they have more branches. Funny thing was, this wasn't really big news here. It was mentioned kind of in passing and hasn't had a lot of media play.

Pale Rider wrote:Hope you guys didn't have money in that Arizona bank, even though it appears you'd be OK.

Even if we did have money it would be fine. I mean what with Obama proposing 845 BILLION dollars towards foreign aid to end world wide poverty I am sure the government could fart out the money to cover my meager earnings. Hence the reason I dont understand why people are soooo freaking out. I mean unless you have over 100 grand in the bank you really are covered by the FDIC. And if I DID have more than 100 grand you can be DAMN sure I wouldnt be keeping in the same bank as the first 100 grand. HELLO!!! Anyone heard of this thing called diversifying?

theironlady wrote:

Pale Rider wrote:Hope you guys didn't have money in that Arizona bank, even though it appears you'd be OK.

Even if we did have money it would be fine. I mean what with Obama proposing 845 BILLION dollars towards foreign aid to end world wide poverty I am sure the government could fart out the money to cover my meager earnings. Hence the reason I dont understand why people are soooo freaking out. I mean unless you have over 100 grand in the bank you really are covered by the FDIC. And if I DID have more than 100 grand you can be DAMN sure I wouldnt be keeping in the same bank as the first 100 grand. HELLO!!! Anyone heard of this thing called diversifying?

If I had over a hundred grand, I'd be stuffing my matress with it... no shit. Fuck banks.