Friday, September 5, 2008

Another One Bites The Dust

Silver State Bank of Henderson, NV was seized early this evening by the Federal Deposit Insurance Corporation (FDIC).

The Nevada State Bank, of Las Vegas, has assumed the insured deposits of Silver State Bank.

Silver State Bank had total assets of $2.0 billion and total deposits of $1.7 billion. Nevada State Bank agreed to purchase the insured deposits for a premium of 1.3%.

From the web site of the seized bank:

Silver State Bancorp, through its wholly-owned subsidiary, Silver State Bank, currently operates thirteen full service branches in southern Nevada and four full service branches in the Phoenix/Scottsdale market area. Silver State Bank also operates loan production offices located in Nevada, California, Washington, Oregon, Utah, Colorado and Florida.

Silver State Bancorp is headquartered in Henderson, Nevada and listed on the Nasdaq Global Market under the symbol SSBX.

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