Regulators close small bank in North Las Vegas
Regulators have closed a small bank in Nevada, bringing the number of U.S. bank failures to 15 this year.Photo: Video by ktnv.com
WASHINGTON (AP) -- Regulators have closed a small bank in Nevada, bringing the number of U.S. bank failures to 15 this year.
The Federal Deposit Insurance Corp. said Thursday it seized 1st Commerce Bank, with one office in North Las Vegas, with about $20.2 million in assets and $19.6 million in deposits as of March 31.
Plaza Bank, based in Irvine, Calif., agreed to assume the failed bank's deposits and to buy its assets.
In addition, the FDIC and Plaza Bank agreed to share losses on $12.2 million of 1st Commerce Bank's loans and other assets.
The failure of 1st Commerce Bank is expected to cost the deposit insurance fund $9.4 million.