Reno, Nev. bank is 83rd to fail in U.S. in 2010

by Zagros on June 19, 2020

Reno, Nev. bank is 83rd to fail in U.S. in 2010

SAN FRANCISCO (MarketWatch) — Reno-based Nevada Security Bank was closed Friday by regulators, marking the 83rd U.S. bank failure of the year as the lingering credit crisis continues to claim victims.

Nevada Security Bank’s five branches are scheduled to reopen Monday as branches of Roseburg, Ore.-based Umpqua Bank .

The failed Nevada bank had $480.3 million in assets, and $479.8 million in deposits as of March 31, the Federal Deposit Insurance Corp. said in a statement.

The bank’s failure is expected to cost the federal deposit insurance fund $80.9 million, the FDIC said.


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June 19, 2020 at 4:28 pm

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