Failed Bank Report: Claim FDIC Insured Deposits at Failed Banks

Great Basin Bank of Nevada - Elko, NV

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April 17, 2009: Great Basin Bank of Nevada, Elko, NV was closed by the State of Nevada Division of Financial Institutions. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. 

As of December 31, 2008, Great Basin Bank of Nevada had total assets of $270.9 million and total deposits of $221.4 million.

The FDIC entered into a purchase and assumption agreement with Nevada State Bank, Las Vegas, Nevada, to assume all of the deposits of Great Basin Bank of Nevada.All deposit accounts have been transferred to Nevada State Bank, Las Vegas, NV and are available immediately. On Monday, April 20, 2009, the five former Great Basin Bank of Nevada locations reopened as branches of Nevada State Bank.

Transferred deposits will be separately insured from any accounts you may already have at Nevada State Bank for six months after the failure of Great Basin Bank of Nevada.

All interest accrued through Friday, April 17, 2009, will be paid at your same rate; however Nevada State Bank will be reviewing rates.

Nevada State Bank
750 East Warm Springs Road
Las Vegas, NV 89119

In addition to assuming all of the deposits of the failed bank, Nevada State Bank agreed to purchase approximately $252.3 million of assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Nevada State Bank entered into a loss-share transaction on approximately $143.4 million of Great Basin Bank's assets. Nevada State Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $42 million.

For additional information and assistance contact the FDIC at: 866-782-1969; or go to:

2009 FDIC Insured Failed Banks
Great Basin Bank of Nevada
487 Railroad Street
Elko, NV 89801

Established on 7/29/1993 as
Great Basin Bank Of Nevada

Assets: $271 million
Deposits: $221 million
Cost to FDIC: $42 million



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  Great Basin Bank and have not received a notice, please contact:

Federal Deposit Insurance Corporation
Receiver: Great Basin Bank of Nevada
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas  75201

There was no publicly owned stock in Great Basin Bank of Nevada. If you are an equity shareholder, your shares are in Great Basin Financial Corporation, Elko, Nevada, the holding company. Great Basin Financial Corporation and the interests of equity, debt holders or other creditors of Great Basin Financial Corporation are not included in the closure or receivership of the institution. Contact: Great Basin Financial Corporation, 487 Railroad Street, Elko, NV 89801-3717.

Consumer Alert

Unclaimed FDIC Insured Deposits

Note: There are time limits on claims of FDIC-insured bank accounts, CDs and safe deposit boxes ...

If an insured depositor fails to make a claim an insured or transferred deposit within 18 months after the FDIC initiates the payment of insured deposits, the transferee institution must refund the deposit to the FDIC, and all rights of the depositor against the transferee institution are barred.

The FDIC then remits the insured deposit to the custody of the unclaimed property administrator in the account owner's home state, unless that state declines to accept custody. Upon delivery, the FDIC is deemed to have made payment to the depositor, and all rights of the depositor against the FDIC are barred.

Most states allow claims in perpetuity, but there's a reversion clause. If a depositor does not claim the deposit delivered to the custody of the State within 10 years of the date of delivery, the deposit must then immediately be refunded to FDIC, and all rights of the depositor against the state are barred.

It's important to note that If a state declines to accept custody of the deposit - which they sometimes do - the depositor must claim the funds from the FDIC before the receivership is terminated, or all rights of the depositor with respect to the deposit are barred. Dividends for credits arising from uninsured portions of a deposit may, however, be claimed after the receivership is terminated if a dividend check was returned by the post office for a bad address.

Be aware that due to the number of mergers and acquisitions in the banking industry over the years, it is possible you or a deceased family member might well have an account at a failed bank and not know it. Additionally, unclaimed safe deposit boxes at closed branches may be drilled and the contents sold at auction just weeks after closing, so prompt action is advised.  For assistance go to: Unclaimed Account Search

History: Established on 7/29/1993 as Great Basin Bank Of Nevada