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Las Vegas Bank Falls, Raising Tally to 15

in Government June 7, 2013 809 Views

""FDIC's"":http://fdic.gov/ failed bank tally rose to 15 as an institution in Las Vegas shut down, the agency announced.

FDIC's board of directors issued an order to close 1st Commerce Bank in North Las Vegas. As receiver, FDIC entered into a purchase and assumption agreement with ""Plaza Bank"":http://plazabank.net/ (Irvine, California), which will assume all $19.6 million of 1st Commerce's deposits and purchase ""essentially all"" of the collapsed bank's $20.2 million.

FDIC also announced it has entered into a loss-share transaction with Plaza Bank on $12.2 million of 1st Commerce's assets. Plaza Bank will share in the losses on the asset pools covered under the agreement.

The estimated cost to the Deposit Insurance Fund will be $9.4 million. 1st Commerce is the first FDIC-insured bank to fail in Nevada since April 2011.

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About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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