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FDIC shutters Silver State Bank of Nevada

user profile picture Chris Martenson Sep 06, 2008
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FDIC shutters Silver State Bank of Nevada (Sept 5 – CNNMoney)

WASHINGTON (AP) — Regulators on Friday shut
down Silver State Bank, saying the Nevada bank failed because of losses
on soured loans, mainly in commercial real estate and land development.

It was the 11th failure this year of a federally insured bank.

Nevada regulators closed Silver State and the Federal Deposit Insurance
Corp. was appointed receiver of the bank, based in Henderson, Nev. It
had $2 billion in assets and $1.7 billion in deposits as of June 30.

The FDIC estimated its resolution will cost the deposit insurance fund between $450 million and $550 million.

 

Well, there goes another half-billion of FDIC
money.  Let’s check our handy Texas Ratio chart to see if Silver State
was among the worst of the worst.

Nope, wasn’t on there.