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Saturday, July 26, 2008

Another 2 More Banks, First National Bank and First Heritage Bank, Failed

First National Bank of Nevada and California-based First Heritage Bank were closed by U.S. regulators yesterday, the first institutions to fail since regulators seized IndyMac Bancorp two weeks ago following a run by depositors. All deposit accounts have been transferred to Mutual of Omaha Bank, Omaha, Nebraska ("assuming institution"). All deposit accounts will be available as usual. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver.

This is a very bad news to the already bleak financial sector. Global stock markets should plunge on the coming Monday.

Mutual of Omaha Bank to Acquire Deposits of Failed First National Bank

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