""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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