Posted on 07/26/2008 4:57:11 PM PDT by Hildy
OMAHA, Neb., Jul 25, 2008 (BUSINESS WIRE) ----Mutual of Omaha Bank has agreed to acquire from the FDIC the deposits of the failed Reno, Nev.,-based First National Bank of Nevada and its affiliate, First Heritage Bank of Newport Beach, Calif., the company announced.
The transaction includes all deposits, both insured and uninsured. All former branches of First National Bank of Nevada (also operating as First National Bank of Arizona) and First Heritage Bank will open Monday as branches of Mutual of Omaha Bank, and all depositors will automatically become depositors of Mutual of Omaha Bank, said Jeff Schmid, chairman and CEO of Mutual of Omaha Bank.
Federal regulators on Friday declared First National Bank of Nevada and its affiliates insolvent and the FDIC was named receiver. The FDIC Board of Directors approved the assumption of more than $3 billion in deposits by Mutual of Omaha Bank. FDIC will retain most of First National's loan portfolio.
"We would first like to reassure all customers of First National Bank of Nevada and First Heritage Bank that all their deposits are safe and accessible." Schmid said. "Their deposits will automatically transition to Mutual of Omaha Bank and we will be open for business on Monday morning."
http://www.foxbusiness.com/story/mutual-omaha-bank-acquire-deposits-failed-national-bank/
I will take MONEY out on Monday. Oy.
You should be fine, if all your deposits are insured, since they are now held by Mutual of Omaha Bank, and the local branches are now Mutual of Omaha branches. If you had any loans, however, those loans are currently held by the FDIC while they sort through the rubble.
FYI last night’s thread on the two failed banks:
http://www.freerepublic.com/focus/f-news/2051544/posts
Looks like even the uninsured depositors will come out ok on this one. They’ll probably have some FDIC folks in a back room for a while, but most folks probably aren’t going to notice anything.
Bump for later.Hope your money is OK Hildy.(((Hugs)))
If you get to the bank and Merlin Perkins is there sorting out cash, I suggest you run. ;)
I wish I could learn how to do that, as I really, really hate Mondays. :O)
I’m not too worried. I called and they said it’s business as usual.
Well, what are they going to say? The captain of the Titanic probably said, "Aw, a little iceberg never hurt anyone." :O)
No loans..just money. Checking, Savings AND a CD. I actually feel better it’s Mutual of Omaha than First National Bank of Nevada, if the truth be known! It’s just like when your bank gets taken over by another bank...nothing changes but the name on the check.
If you have less than $100,000 in the account and it’s an FDIC insured account, then you are wasting your time worrying, and you are wasting your time moving your money around. There is no way you can lose unless the federal government itself goes under, and that ain’t gonna happen.
LOL!
I doubt you’ll notice much of any difference at all, other than the name change. Your account parameters, fees, free checking, free checks, interest rates may change a bit, but other than that you should be just fine.
Actually, this is a great way for this to work out IMO.
$750 in assets? I think I can come up with an offer for them. In fact I can double that number.
Thanks a lot!
LOL! I saw the same thing! I guess the cost of living is cheaper in Nebraska.
That's what I think too.
JMO but I think everyone should keep out a little cash for unexpected emergencies.
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