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Two More Banks Fail

Published 07/28/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

The FDIC was forced to shut down First National Bank of Nevada and First Heritage Bank of Newport Beach on Friday, according to MarketWatch.com. These failed banks mark the sixth and seventh bank failures this year.

The banks’ deposits were quickly sold to Mutual of Omaha Bank as the least costly way to maintain customer accounts remain secure and insured. Recent bank collapses have stemmed from predatory lending, new credit limits and a slowing economy. It is hoped the new law enacted by Congress will help troubled borrowers and provide a safety net for banks.


Source MarketWatch.com:

The Federal Deposit Insurance Corp. said it was appointed receiver of First National Bank of Nevada, based in Reno, Nev., and First Heritage Bank of Newport Beach, Calif. - both units of First National Bank Holding Co., of Scottsdale, Ariz.

…

All depositors, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Mutual of Omaha Bank for the full amount of their deposits, the FDIC said.

Click here to contact your Representative in Congress.

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