August 14, 2009:
The State of Nevada Financial Institutions Division closed Community Bank
of Nevada, Las Vegas, NV. The
Federal Deposit Insurance Corporation was named Receiver.
As of June 30, 2009, Community Bank of Nevada had total assets of $1.52 billion and total deposits of about $1.38 billion.
To protect the depositors, the FDIC created the Deposit Insurance National Bank of Las Vegas (DINB), which will remain open for approximately 30 days to allow depositors access to their insured deposits and time to open accounts at other insured institutions. Nevada State Bank will provide operational management of the DINB under a contract with the FDIC.
All insured deposits and secured public unit deposits of Community Bank of Nevada, except for brokered deposits, certificates of deposit (CDs) and individual retirement accounts (IRAs) have been transferred to DINB.
The FDIC will mail checks directly to deposit customers with CDs and IRAs. The FDIC will pay the brokered deposits directly to the brokers for the amount of their insured funds. Customers with brokered deposits should contact their brokers directly for information concerning their money.
At the time of closing, there were approximately $4.2 million in insured deposits that potentially exceeded the insurance limits. Uninsured deposits were not transferred to the DINB. Customers with accounts in excess of $250,000 should contact the FDIC toll-free at 1-800-331-6306 to discuss their deposits.
All insured depositors of Community Bank of Nevada must transfer their funds to other banks. The FDIC will mail checks at the end of the transition period to the address of record for depositors who have not closed or transferred their accounts during the transition period.
Principal and interest on insured accounts, through Friday, August 14, 2009, are fully insured by the FDIC, up to the insurance limit of $250,000. Checks for insured Savings, CDs and insured IRAs will be sent on Monday, August 17, 2009 to the mailing address on record with Community Bank of Nevada.
Checks will be processed as usual through September 14, 2009. All interest accrued through Friday, August 14, 2009, will be paid at your same rate. Interest will not continue to accrue after that date.
Automatic direct deposits will continue until close of business September 14, 2009. Automatic withdrawals must clear your account by August 21, 2009 or they will be returned. If you had a loan with Community Bank of Nevada, you should continue to make your payments as usual until further notice.
The cost to the FDIC's Deposit Insurance Fund is estimated to be $781.5 million.
For additional information and assistance contact the FDIC at: 1-800-331-6306; or go to: http://www.fdic.gov/bank/individual/failed/community-nv.html
|2009 FDIC Insured Failed Banks|
1400 South Rainbow Boulevard
Las Vegas, NV 89146
|Assets: $1.5 billion|
|Deposits: $1.4 billion|
|Cost to FDIC: $782 million|
Community Bank Of Nevada
08/27/2005 - Acquired Bank Of Commerce - Las Vegas, Nevada
10/14/2006 - Acquired Valley Bank - Las Vegas, Nevada
Unclaimed FDIC Insured Deposits
There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.
Be advised that not every depositor with funds in a failed bank will receive notification from the FDIC, and there are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes.
Beneficial owners of fiduciary accounts, including Uniform Transfers To Minors accounts, escrow accounts, Interest on Lawyer Trust Accounts (IOLTA), and deposit accounts obtained through a broker (Brokered Accounts) will not be contacted by the FDIC.
This is because these accounts are on the failed bank's records in the name of the fiduciary, not the individual owner. The FDIC does not have access to ownership information, and therefore will not contact individual depositors. It is the responsibility of the broker or other fiduciary to initiate a claim.
In addition, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage, after a period of time. If an individual already has accounts at a successor institution, perhaps unknowingly in the case of brokered deposits, the insurance limit may be exceeded and funds could be lost in a subsequent receivership.
Finally, in the worst case scenario, by law accounts which go unclaimed for an extended period may be time barred, and safe deposit boxes can be drilled and the contents sold at auction.
It is important to understand you may have an account at a failed institution and not know it, either because you were a depositor at a bank acquired by an institution that subsequently failed, or if you or a deceased family member are the beneficial owner of a brokered fiduciary account.
For assistance tracing and reclaiming a lost bank account or safe deposit box go to: Unclaimed Account Search
Creditor Claims: Claims
against failed financial institutions occur when bills sent to the
institution remain unpaid at the time of failure. Shortly after the
failure, the FDIC sends notices directly to all known service providers to
explain the claim filing process. If you provided a service for Community
Bank of Nevada
and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: Community Bank of Nevada
Irvine, CA 91268