Just 1 Bank Failed This Week

Like every Friday the past couple of years (or so), yesterday brought another bank seizure. This time though, it was only one (1) bank. That's better then the four (4) or five (5) that seems to be the standard.

Nevada Security Bank, Reno, NV

According to the FDIC,

On June 18, 2010, Nevada Security Bank, Reno, NV (also known as Silverado Bank, Roseville, CA), was closed by the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.

The five branches of Nevada Security Bank (which includes the Silverado Bank, in Roseville, CA) will reopen on Monday as branches of Umpqua Bank. Depositors of Nevada Security Bank will automatically become depositors of Umpqua Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage. Customers of Nevada Security Bank should continue to use their existing branch until they receive notice from Umpqua Bank that it has completed systems changes to allow other Umpqua Bank branches to process their accounts as well.
---
go ahead share your thoughts with me now, my ears are open. I'm always eager to hear what you think.

---

Sponsor This Post(via PayPal)for $75 and Replace This Text.

---

follow me on Twitter

---

austin bloggers

Powered By Ringsurf