2008 FDIC Insured Failed Banks
September 5, 2008: Silver State Bank, Henderson, NV was closed by the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As of June 30, 2008, Silver State Bank had assets of $2.0 billion and total deposits of $1.7 billion.
Successor Bank: All insured, non-brokered deposit accounts have been transferred to Nevada State Bank, Las Vegas, NV. Nevada State entered into a separate agreement to sell the Arizona branches of Silver State Bank to its affiliate, National Bank of Arizona. Former Silver State Bank locations reopened as branches of Nevada State Bank in Nevada, and as branches of National Bank of Arizona in Arizona.
Nevada State Bank
National Bank of Arizona
Established in 1996
► Depositors must establish contact or the successor bank or the FDIC to reclaim their deposits. ► Not every depositor 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. 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. ► Additionally, accounts transferred to successor institutions may have lower interest rates and can lose insurance coverage.
► 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.
At the time of closing, there were approximately $20 million in uninsured deposits held in approximately 500 accounts that potentially exceeded the insurance limits. Silver State Bank also had approximately $700 million in brokered deposits that are not part of the purchase transaction.
► For assistance tracing and reclaiming a lost bank account, certificate of deposit (CD) or safe deposit box go to: Unclaimed Account Search
400 North Green Valley Parkway
Henderson, NV 89014
|Established in 1996|
|Cost to FDIC: $500 million|