WASHINGTON — Federal regulators closed two banks owned by First National Bank Holding Company of Scottsdale, Ariz.
One bank, First National Bank of Nevada, based in Reno with $3.4 billion in assets, also operates as First National Bank of Arizona. The other, First Heritage Bank, based in Newport Beach, California, had $254 million in assets and primarily served businesses.
The banks were considered undercapitalized. According the Federal Deposit Insurance Corporation, as June 30, 2008, First National of Nevada had total assets of $3.4 billion and total deposits of $3.0 billion. First Heritage Bank had total assets of $254 million and total deposits of $233 million.
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The banks will have their deposits and some assets transferred to Mutual of Omaha Bank,
The FDIC said that out of the 10 institutions that have failed over the past two years, this is the second time in which another bank acquired all of the failing banks' insured and uninsured deposits. Seven U.S. banks have failed this year.
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