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Washington - Two More Banks Fail; FDIC Takes Over

Published on:   Jul 27, 2008 at 11:25 AM
News Source: Market Watch
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Washington - Two more banks were shut down by federal regulators late Friday, who sold the banks' deposits to Mutual of Omaha Bank. It brings to seven the number of bank failures so far this year.

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The Federal Deposit Insurance Corp. said it was appointed receiver of First National Bank of Nevada, based in Reno, Nev., and First Heritage Bank of Newport Beach, Calif. - both units of First National Bank Holding Co., of Scottsdale, Ariz.

FDIC will retain most of First National's loan portfolio, Mutual of Omaha Bank said in a statement on its Web site.

The FDIC said the failures would likely cost the FDIC's deposit insurance fund roughly $862 million. The failed banks had combined assets of $3.6 billion, .03% of the $13.4 trillion in assets held by the 8,494 institutions insured by the FDIC.


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1

 Jul 27, 2008 at 07:32 PM Anonymous Says:

Wow Who Comes Next Over $100,000 Is Not Insured By F D I C

2

 Jul 28, 2008 at 08:45 AM Anonymous Says:

you can add on your wife and kids etc... so you if you have 300k in an account and your wife and child are on it then I think you might be insured for the full amount. I am not sure if it is per a bank or per an account. It is something to look into. You can also keep in money in bonds or treasuries.

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