The Federal Deposit Insurance Corp. shut down Nevada’s Silver State Bank over the weekend, in the 11th FDIC-insured bank failure so far this year. Silver State had $2 billion in assets and $1.7 billion in deposits at the end of June, and the FDIC said that this intervention could drain its deposit insurance fund by $450 million to $550 million. Silver State’s branches should open today under the new ownership of Nevada State Bank of Las Vegas. (AP in CNNMoney.com)
The bottom line
September 8, 2008
Try 4 Risk-Free Issues of The Week magazine.