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News Now

Washington
Federal regulators take over two banks
WASHINGTON (7/28/08)--First National Bank of Nevada, Reno, Nevada, and First Heritage Bank, N.A., Newport Beach, Calif., were closed Friday by the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. First National Bank’s primary markets extended throughout Nevada and Arizona. The bank, with approximately $3.4 billion in assets, was chartered as a national bank in 1987. On June 30, 2008, an affiliate of the bank, known as the First National Bank of Arizona, Scottsdale, Arizona, was merged into First National Bank of Nevada. The OCC said it acted after finding that the bank was “undercapitalized and had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices.” The regulator also said it found the bank had incurred and is likely to incur losses that “will deplete all or substantially all of its capital, and there is no reasonable prospect that the bank will become adequately capitalized without federal assistance.” “The bank’s unsafe and unsound practices also weakened the bank’s condition and seriously prejudiced the interests of the bank’s depositors and the deposit insurance fund,” according to the OCC. First Heritage Bank, with approximately $250 million in assets, was chartered as a national bank in 2005. The OCC said it acted after finding that the bank was “critically undercapitalized.” The OCC also said the bank had “incurred and is likely to incur losses that will deplete all or substantially all of its capital, and there is no reasonable prospect that the bank will become adequately capitalized without federal assistance.”


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