Banks seized by FDIC in Nevada and Illinois

| 27 February 2009 20:33

Two more Friday night specials – story via Reuters

U.S. regulators closed Security Savings Bank in Henderson, Nevada, and Heritage Community Bank in Glenwood, Illinois, the Federal Deposit Insurance Corporation said on Friday.

Heritage, which had four offices, had total assets of $232.9 million and total deposits of $218.6 million as of Dec. 5, 2008. It will be acquired by MB Financial Bank.

Security Savings Bank, which had two offices, had total assets of approximately $238.3 million and total deposits of $175.2 million as of Dec. 31, 2008. It will be taken over by the Bank of Nevada.

The seizures bring to 16 the number of banks closed in the first two months of 2009. That would be up from 25 in 2008, and just three in 2007.

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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