CARSON CITY, Nev. - The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators.
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."
Yet another example of the government reaching in our pockets to bail out incompetent or even fradulent corporate officers. Wonderful.
I heard Downey Savings is on the way out as well...
There will be alot of FDICs going by the wayside in the next few months. Its a shame how this subprime has caused so many jobs.
I have a feeling we will be seeing more stories like this
Steve This is only the starting line - we have many more to go. I just hope somebody does some serious slammer time. Karen
no one in the government is accountable for what is happening...that is the real problem.