1st National Bank of Nevada shutters, will switch to Mutual of Omaha

On July 24, federal regulators shut down 28 branches of 1st National Bank of Nevada and First Heritage Bank.

The Treasury Department’s Comptroller of the Currency Office found that the bank was undercapitalized and had excessive losses of assets and earnings from “unsafe and unsound practices.”

On Monday, the five branches in Las Vegas will convert by to Mutual of Omaha Bank.

Because they’re

insured by the FDIC, all accounts $100,000 or less are protected and insured by the government.

Those with more than $100,000 will still have “the full amount of their deposits.”

As usual with a financial institution, no advance notice was given, and the closures occurred suddenly, with notices posted on the outside windows of the banks.

[Source] Las Vegas News Blog

1st National Bank of Nevada shutters, will switch to Mutual of Omaha

On July 24, federal regulators shut down 28 branches of 1st National Bank of Nevada and First Heritage Bank.

The Treasury Department’s Comptroller of the Currency Office found that the bank was undercapitalized and had excessive losses of assets and earnings from “unsafe and unsound practices.”

On Monday, the five branches in Las Vegas will convert by to Mutual of Omaha Bank.

Because they’re

insured by the FDIC, all accounts $100,000 or less are protected and insured by the government.

Those with more than $100,000 will still have “the full amount of their deposits.”

As usual with a financial institution, no advance notice was given, and the closures occurred suddenly, with notices posted on the outside windows of the banks.

[Source] Las Vegas News Blog