1 Bank Closed June 18

Nearing 100 Failed Institutions in 2010 State and federal regulators closed one bank on Friday, June 18. This closing raises to 92 the number of failed institutions so far in 2010.

Nevada Security Bank, Reno, NV

Nevada Security Bank, Reno, Nevada, was closed by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Umpqua Bank, Roseburg, Oregon will assume all of the deposits of Nevada Security Bank.

The five branches of Nevada Security Bank will reopen as branches of Umpqua Bank. Nevada Security Bank had approximately $480.3 million in assets.

The estimated cost to the Deposit Insurance Fund (DIF) will be $80.9 million.

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