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 Federal and Nevada banking regulators late Friday closed Silver State Bank, the 11th depository institution forced to cease operations this year. For the full story see TheDeal.com.
The failure follows the Federal Deposit Insurance Corp.'s Aug. 26 announcement that the number of banks on its "problem list" rose 30% during the second quarter of 2008. At the end of June, there were 117 banks on the agency's watch list, up from 90 at the end of March. Banks are suffering from the collapse of the housing market and growing weaknesses in their commercial lending portfolios. FDIC Chairman Sheila Bair conceded last week that more banks will be added to the list.
Silver State had approximately $2 billion in total assets and insured deposits of $1.7 billion. The bank's branches in Nevada will open Monday as part of Nevada State Bank and in Arizona will open as part of National Bank of Arizona. Both acquiring institutions are owned by Zions Bancorp in Salt Lake City. Here's a list of the other 10 banks that have failed this year.
Also see: TheDeal.com's: Feds shut 11th bank of year Wall Street Journal story Dealscape: FDIC increases problem banks to 117 Categories Deal Video
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