FIs closed: Nevada Commerce Bank, Las Vegas, Nevada, USA
On Friday, April 8, 2011, Nevada Commerce Bank, Las Vegas, NV was closed by the Nevada Department of Business and Industry, Division of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
The two branches of Nevada Commerce Bank reopened on Monday 11 April as branches of City National Bank.
As of 31 December 31, 2010, Nevada Commerce Bank had approximately USD144.9 million in total assets and USD136.4 million in total deposits. In addition to paying a premium of 0.71 percent to assume all of the deposits of the failed bank, City National Bank agreed to purchase essentially all of the failed bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD31.9 million.
Nevada Commerce Bank is the 28th FDIC-insured institution to fail in the USA this year and the first in Nevada.
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