Skip to comments.FDIC shuts down banks in Nevada and Washington (22 total in 2010)
Posted on 02/26/2010 7:11:43 PM PST by Cheap_Hessian
NEW YORK Regulators shut down banks in Nevada and Washington on Friday, marking the 21st and 22nd failures this year of federally insured banks.
The Federal Deposit Insurance Corp. was appointed receiver of Carson River Community Bank, based in Carson City, Nev. and Rainier Pacific Bank in Tacoma, Wash.
Carson River Community Bank had $51.1 million in assets and $50 million in deposits as of Dec. 31. Rainier Pacific Bank had $717.8 million in assets and $446.2 million in deposits as of Dec. 31.
The FDIC said that Carson River's deposits will be assumed by Reno, Nev.-based Heritage Bank of Nevada. Carson River's lone branch will reopen Monday as an office of Heritage Bank.
Heritage Bank will purchase $38 million of the assets. The FDIC and Heritage Bank agreed to a loss-share agreement on $28.5 million of Carson River Community Bank's assets.
Rainier Pacific's deposits will be assumed by Umpqua Bank in Roseburg, Ore. Rainier Pacific's 14 branches will reopen during normal business hours as offices of Umpqua Bank.
(Excerpt) Read more at news.yahoo.com ...
Failed banks since 2000. They started FAILING in earnest in November, 2009.
I think I’m glad that my bank was taken over early in the process (WAMU).
It’s too bad the Fed was not closed down.
Rainier Pacific Bank had $717.8 million in assets and $446.2 million in deposits as of Dec. 31.
On the surface, it appears that Umpqua got a much better deal.
Think again. Chase is a monster! I’ll have nothing further to do with them. Period.
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