Friday, September 05, 2008

Another Bank Failure... Well its Friday!

Silver State Bank, Henderson NV

As of June 30, 2008, 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 percent. At the time of closing, there were approximately $20 million in uninsured deposits held in approximately 500 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.

Note a huge bank.

This is #49 on the Troubled bank List but is 170th in size of the banks on the list. It is about 6% of the size of Indymac when they went under. Edit: FFDIC over at CR commented that any bank over a billion taxes the already stretched staff of the FDIC.

Are we at the point where this is a failed bank every Friday?

Got Popcorn?

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