State and federal bank regulators on Friday announced the closure of the Henderson-based Silver State Bank, making it the 11th bank to collapse this year amid a surge in repulsive real-estate loans stemming from the protracted housing downturn.
Silver State Bank is the second bank to fail in Nevada in 2008. First National Bank of Nevada, Reno failed on July 25, 2008.
Silver State Bank was closed by the Nevada Financial Institutions Division, and the Federal Deposit Insurance Corporation or FDIC was named Receiver. To protect the depositors, the FDIC entered into a Purchase and Assumption Agreement with Nevada State Bank, Las Vegas, Nevada, to assume the Insured Deposits of Silver State Bank.
The branches of Silver State Bank would open on Monday as Nevada State Bank in Nevada and National Bank of Arizona in Arizona, the FDIC said in a statement. As of June 30, 2008, Silver State Bank had total assets of $2.0 billion and total deposits of $1.7 billion.
"Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage," FDIC said.
Over the weekend, customers of Silver State Bank can access their money by writing cheques or using ATM or debit cards, and cheques drawn on the bank would continue to be processed. Loan customers should continue to make their payments as usual.
Nevada State Bank agreed to purchase the insured deposits for a premium of 1.3%. At the time of closing, Silver State had about $20 million in uninsured deposits in 500 accounts, the FDIC noted.
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