Yesterdays bank was Silver State Bank of Nevada. It will reopen Monday morning as branches of Nevada State Bank in Nevada and National Bank of Arizona in Arizona.
As with previous takeovers, customers are assured they can still access their funds via checks and/or atm/debit cards.
According to the press release.
As of June 30, 2008, Silver State Bank had total assets of $2.0 billion and total deposits of $1.7 billion. Nevada State Bank agreed to purchase the insured deposits for a premium of 1.3 percent. At the time of closing, there were approximately $20 million in uninsured deposits held in approximately 500 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to chang
e once the FDIC obtains additional information from these customers.
Silver State Bank also had approximately $700 million in brokered deposits that are not part of today's transaction. The FDIC will pay the brokers directly for the amount of their insured funds.
Customers with accounts in excess of $100,000 should contact the FDIC toll-free at 1-800-523-8177 to set up an appointment to discuss their deposits. This phone number will be operational this evening until 9:00 p.m. PDT; on Saturday and Sunday from 9:00 a.m. to 6:00 p.m. PDT; and on Monday and thereafter from 8:00 a.m. to 8:00 p.m. PDT.
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go ahead share your thoughts with me now.
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Kevin is "shuttered" a word?
ReplyDeleteHi Lisa -
ReplyDeleteThanks for the question.
Yes, it is. It derives from the word shutter. When people would close the shutters for a storm, like Gustav (as a recent example) their homes would be shuttered.
In business terms, when a business is shuttered, they are out of business.
I guess it is an Americanism.
ReplyDeleteA bit like the word "meddling" which has been appearing in the British press lately.