FDIC Takes Over 2 Western Banks

1st National Bank Of Nevada, First Heritage Bank In Receivership, Regulators Say Will Reopen Monday

(AP)  Federal banking regulators closed 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California.

The banks - owned by Scottsdale, Arizona-based First National Bank Holding Co. - closed Friday and were scheduled to reopen on Monday as Mutual of Omaha Bank branches, the Federal Deposit Insurance Corp. said.

The FDIC said the takeover of the failed banks was the least costly resolution and all depositors - including those with funds in excess of FDIC insurance limits - will switch to Mutual of Omaha with "the full amount of their deposits."

The FDIC also said account holders can access their funds during the weekend by writing checks or using ATM or debit cards.

It was the second major bank failure in recent weeks.

On July 11, federal regulators stepped in and seized the assets of a savings and loan, IndyMac Bank, after the mortgage lender succumbed to problems from the tight credit markets and mortgage foreclosures.

It was the second-largest bank failure in U.S. history, the government said. As of March 31, IndyMac had $19.06 billion in total deposits.

Investment bank Bear Stearns nearly collapsed in March, but was bought out by banking giant JPMorgan Chase & Co. in a deal orchestrated by the Federal Reserve Bank of New York.

The latest banks to fail had total assets of $3.6 billion as of June 30. That was down from $4.1 billion six months earlier.

Calls to 1st National were referred by a receptionist to Joe Martony, an executive vice president in Scottsdale. Martony didn't return repeated calls to his office.

Bill Uffelman of the Nevada Bankers Association said Friday the FDIC action "is a reflection of the times for the banks. It's a poor economy."

Uffelman cautioned against the sort of consumer concern that prompted many customers of IndyMac Bank branches to wait for hours in line to withdraw funds last week. Bank deposits are guaranteed by the FDIC up to $100,000, he noted.

Gov. Jim Gibbons said the bank takeover will be closely monitored in Nevada "to ensure there's minimal disruption to business and that employees' jobs are protected as much as possible."

Arizona Gov. Janet Napolitano spokeswoman Shilo Mitchell said in a statement that the FDIC's takeover of 1st National is not indicative of the overall banking climate in Arizona.

"It's very important that Arizonans know that their deposits are secure," said Felecia Rotellini, superintendent of Arizona Department of Financial Institutions. "They are well-managed and the 1st National Bank of Arizona issues should not cause any panic in Arizona."

[txgrouch2006]

Oh, what WHINERS!

So what if a few banks fail. NOTHING IS WRONG! IT''S ALL JUST A MENTAL BANK FAILURE!!!

Pay no attention to that man behind the curtain....

[pirmin3]

Tip of the iceberg given the number of institutions with high Texas ratios. The FDIC is desperately to prevent a panic.

[cfin5]

Here comes the Amero currency. Any good guessers out there what the Dollar-Amero exchange rate''s gonna be? How much of our freedom we will lose?. How''s the thought of being called a "Canamerexican" set in your gullet?.....You simpletons, should''ve paid more attention to RON PAUL. You had your chance,.....but its still not too late. If everyone voted for Chuck Baldwin of the "CONSTITUTION PARTY",.....we might squeak by in avoiding the loss of our sovereignty.

[timdgrim]

Those were WHINER banks anyway..if they weren''t in such MENTAL RECESSION they would have made it.
Choice words from what was (and probably still is) McCain''s economic adviser Phil ''Turtlehead'' Gramm...

[marshall_nee]

Can''t be long now before another big Bank fails can it?
But who though?
Wash Mutual? Wachovia? Citi?

[hotpaulie]

I thought this administration was for less government intrusion? Everything seems to be changing now...

[hungry1968]

IndyMac also failed on a Friday. Do you like how the FDIC fails banks on Fridays after normal working hours when the public is paying the least attention?

Posted by anon00 at 09:44 AM : Jul 26, 2008






Exactly - it''s just like when a campaign announces something late on Friday afternoon. Like Phil Gramm "resigning" late on a Friday evening so everyone has the whole weekend to let the story die down.

[l8c6]

Those were WHINER banks anyway..if they weren''''t in such MENTAL RECESSION they would have made it.
Choice words from what was (and probably still is) McCain''''s economic adviser Phil ''''Turtlehead'''' Gramm...

Posted by timdgrim

Well, Phil Gramm, a chairman of Swiss Bank UBS stands a 19:1 chance of having had the nice advantage of evading taxes in that bank. Leadership matters. Our leaders are getting by with what would have the rest of us imprisoned. Such a society shall come unglued with such double standard. No checks and balances, no oversight, no equal justice under the law. A dying empire.

[l8c6]

Here comes the Amero currency. Any good guessers out there what the Dollar-Amero exchange rate''''s gonna be? How much of our freedom we will lose?. How''''s the thought of being called a "Canamerexican" set in your gullet?.....You simpletons, should''''ve paid more attention to RON PAUL. You had your chance,.....but its still not too late. If everyone voted for Chuck Baldwin of the "CONSTITUTION PARTY",.....we might squeak by in avoiding the loss of our sovereignty.

Posted by cfin5


If Ron Paul is so da*mn wise, why is he against net neutrality?

[sistatee-2009]

How many thousand MBA''s got it TOTALLY WRONG in the real estate game, after all that schooling?

[txgrouch2006]

I8c6 wrote
Our leaders are getting by with what would have the rest of us imprisoned.
-----------------
You mean, like Ted Kennedy leaving the scene of the accident at Chappaquiddick (he pleaded guilty in court)? You mean like Bill Clinton "speaking in court with intent to mislead," but somehow that WASN''T deception of the court (a.k.a. LYING)?

Yah, stuff like that just bugs me.

[txgrouch2006]

SistaTee wondered
How many thousand MBA''''s got it TOTALLY WRONG in the real estate game, after all that schooling?
----------------------
About as many as are getting a FAT BAIL OUT from the gummint now...

[l8c6]

I thought this administration was for less government intrusion? Everything seems to be changing now...

Posted by hotpaulie

Yep, the people are whiners always wanting to suck from the teats of Nanny government unless it''s top banking owner, CEOs,CFOs etc. There assets are secure no matter what and if push comes to shove, they''ll have a flight ready to Dubai lined up.

"Free Market" what a scam! What''s the tip off it''s a scam? We''re not all sharing in this "strong" economy. It''s a rigged system that privatizes the gain for capital leaving labor to sacrifice and socializes the losses to burden labor and protect capital. An absolute rip off system, unequal justice under the law, no system of checks and balances, no oversight. A dying unjust empire.

[txgrouch2006]

HERE''S MY SOLUTION.

Go to www.congress.org . Enter your ZIP+4 to get a list of YOUR elected representatives.

CLICK ON EACH NAME, and check the rep''s bio.

VOTE AGAINST anyone who was born 1946-1957.

CLEAN OUT THE BABY BOOMERS. SIXTEEN YEARS OF BABY BOOMER GOVERNMENT HAS BEEN A DISASTER.

SIXTEEN YEARS IS ENOUGH!

[txgrouch2006]

I8c6 raved
A dying unjust empire.
--------------------
You forgot the !!! at the end. That would have made it more soapbox worty.

Hey, speaking of failed empires, do you realize the Berlin Wall fell almost TWENTY YEARS AGO??? Communism didn''t work out so well, either.

[l8c6]

I8c6 wrote
Our leaders are getting by with what would have the rest of us imprisoned.
-----------------
You mean, like Ted Kennedy leaving the scene of the accident at Chappaquiddick (he pleaded guilty in court)? You mean like Bill Clinton "speaking in court with intent to mislead," but somehow that WASN''''T deception of the court (a.k.a. LYING)?

Yah, stuff like that just bugs me.

Posted by txgrouch20

Funny you immediately transform this into a partisan issue. I''m making a conscious effort to avoid it as this divides the working citizens of this country. It just so happens the conservative with everyone but themselves elite have aligned themselves with the republican party. Yes the party that has allowed themselves to become the hoe of global capital pimped around to divide and confuse the citizens.

The party that will focus on the issue you brought up as well as Clinton and that spotted little blue dress. What this party has facilitated is something far more devastating than an isolated case. The hoes of global capital have brought about the biggest threat to the United States ever in history.

[l8c6]

Hey, speaking of failed empires, do you realize the Berlin Wall fell almost TWENTY YEARS AGO??? Communism didn''''t work out so well, either.

Posted by txgrouch200

Are you unable to see anything but extremes? Comparing one extreme to another? As if there is no possible chance for balance? These are the fear tactics that those who wish to become king use against the people.

[ubrew12]

Stampede!!

[barbaram99]

I am 53. It is bush not every one born in the dates that poster said, the young can make just as much of a mess. They have.

[wl7bzh]

Kinda makes a fella believe in reincarnation-Hoover is alive and living in Washington-that''s D.C. Wasn''t sure Obama would know.

[nextgenman]

Hey, speaking of failed empires, do you realize the Berlin Wall fell almost TWENTY YEARS AGO??? Communism didn''''''''t work out so well, either.

Posted by txgrouch200
---------

Tell that to China....
I can''t figure out why Republicans are so perpetually stupid....

[txgrouch2006]

I8c6 wrote
I''''m making a conscious effort to avoid it as this divides the working citizens of this country.
-----------------
So, what are you, the SPOKESMAN for the "working citizens???" Sound pretty Marxist to me.

I''m not partisan, I''m responding to those who are partisan, by restoring balance when I recite activities of the OTHER PARTY MEMBERS.

Funny, I rarely find a need to defend Democrats, though. Most partisanship seems directed against the Republicans. Why do you suppose that is???

For the record, my opinion of Bush is ALMOST as low as my opinion of Clinton. But that could be because I have FIRST HAND knowledge of Clinton''s crimes, but not Bush''s. That dosn''t prove Bush has no crime, it only means my loathing of Clinton is more passionate.

[txgrouch2006]

BarbaraM99 wrote
I am 53.
------------
Then you are a BOOMER, and your opinion means nothing to me. You are a selfish pig. No wonder NONE of your posts make sense.

[txgrouch2006]

nextGenMan scribbled
Tell that to China....
-----------------
News flash, Skippy: China gave up on Communism YEARS AGO.

That''s why they''re taking OUR JOBS.

Look who''s talking about stupid...

[rushlimpdrug]

China gave up on Communism YEARS AGO.
That''''s why they''''re taking OUR JOBS.
Look who''''s talking about stupid...
Posted by txgrouch2006 at 11:14 AM


You may want to inform the Communist Party
about this news flash.

Whatever drugs you are taking are making
you very sick.

Find another doctor, one that is not
working for the Communist Party.

[txgrouch2006]

rushlimpdrug wrote
Whatever drugs you are taking are making
you very sick.
--------------
You''re the one on drugs.

YAWWWNNN! This is like shooting fish in a barrel. All it does is fill up the barrel with chunks of dead fish. Then it starts to stink.

The stink is starting to rise here.

[jumkey]

''''m not partisan, I''''m responding to those who are partisan, by restoring balance when I recite activities of the OTHER PARTY MEMBERS.

Posted by txgrouch2006

Oh please, what BS.

I love you RINOs who, seeing the smoking hole in the ground that is the Bush administration and the Republican Party now mew "oh, I''m non-partisan I''m just responding to the mean old Democrats".

Uh-Huh. How many times did you vote Bush? Because if was even once you ''re not "non-partisan".

The last eight years or Republican war, big government, criminal behavior and our imminent economic collapse look better to you than a Democratic administration that brought 8 years of peace and prosperity?

You''re a Republican and you''re an authoritarian.

Deal with it.

[credibility2]

Given this latest trend in bank failures, don''t put anything over $100k in one pot; if you already have stuff exceeding this limit, change it, even if that means paying a penalty fee. The potential loss of losing 50% of anything over $100k up to $250k is worth the penalty fee. Fortunately, I''m not in this league and actually feel fine that I don''t have to worry about losses because of bank failures.

[txgrouch2006]

jumkey wrote
you''''re an authoritarian.
-------------
Look who''s talking about being on a power trip.

The problem with the barrel filling up with chunks of dead fish is, you can''t see the live fish anymore so you can''t see them getting hit. All it does is stir up the chunks.

[txgrouch2006]

Credibility2 wrote
don''''t put anything over $100k in one pot;
------------------
I''ve taken it to the next step. Even if you have less than $100K, it could take weeks to get access to your money again.

So I''m spreading my accounts out over several banks so I can pay my bills from one bank while another one is on hold while the feds clean up the mess.

[jumkey]

I didn''t say you were on a "power trip" - I said you were an authoritarian, which is why you support Bush and the Republicans and voted for them.

You''re nothing but another Republican failure, just like the idiot you mindlessly follow.
I

[sparks224]

Hooray for Reaganomics! The tax cuts are working!

[shanev137]

This is just the tip of the iceberg.

[cfin5]

Here comes the Amero currency. Any good guessers out there what the Dollar-Amero exchange rate''''''''s gonna be? How much of our freedom we will lose?. How''''''''s the thought of being called a "Canamerexican" set in your gullet?.....You simpletons, should''''''''ve paid more attention to RON PAUL. You had your chance,.....but its still not too late. If everyone voted for Chuck Baldwin of the "CONSTITUTION PARTY",.....we might squeak by in avoiding the loss of our sovereignty.

Posted by cfin5


If Ron Paul is so da*mn wise, why is he against net neutrality?

Posted by l8c6 at 10:33 AM : Jul 26, 2008---- Show us where you got this information. Even if he said this, it is a gnat straining issue compared to us having to swallow an economic camel isn''t it?......Been waiting to bump head with you after reading your smack these last few months.

[antoniof123]

Hey last week didn''t all the nut cases in congress say things were well, looks like they lied again.

Never trust a politician I have been saying that for years the best that you can do is move the country forward and when we swing too far to the right swing it back to the left then repeat for the left.

Of course the side that it is siwnging away from has a fit but they will anyway.

[sistatee-2009]

These self-appointed leaders will are self-righteous, grandiose, egotistical, frauds that have done their best to undo the founding principles of this country. History will be their most cruel judge.

Posted by ttinsly at 01:14 PM : Jul 26, 2008

Probably not, since they write the history books.

[deacon20081]

I am curious when the "goverment" is going to try to explain away the reality that they have no more money to bail out the banks.
indyMac took 25% of the FDIC funds...now these banks go under..at what cost? I notice no dollar figures were mentioned.

[sistatee-2009]

Here comes the Amero currency. Any good guessers out there what the Dollar-Amero exchange rate''''''''''''''''s gonna be?

Posted by cfin5

The Amero will be printed and distributed by the same folks the ran the Federal Reserve and the U.S. government into insolvency; the Warburgs, Rothschilds and Rockefellers. Only the name of the currency will change. When the price of property falls low enough, these people will swoop in and "buy" it all up with the worthless Ameros that they''ll call "cash". Then after a couple decades when the "value" has quintupled, they''ll loan you "money" so you can re-purchase it from them. Nice gig, huh?

[rushlimpdrug]

Posted by nicezoo1 at 01:28 PM

There are whorres in the zoo?

Do they have AIDS like they do
in Africa?

[rushlimpdrug]

Getting back on subject.

This mess was created by ALL politicians
on the left, right, and center.

Vote them ALL out of office.

A cat could make better decisions than these
worthless politicians.

Sit and think a minute.

Has this country moved forward at all? ?

Has this country been fair with its OWN
citizens?

[marshall_nee]

Probably not, since they write the history books.

Posted by SistaTee at 02:38 PM : Jul 26, 2008

So true so sad.

[timdgrim]

I am curious when the "goverment" is going to try to explain away the reality that they have no more money to bail out the banks.
**************
Good question....It would help if rich corporations and rich Americans would quit hiding their money in overseas accounts and pay the tax money they owe.
CNN reported yesterday that up to 18,000 companies have hidden money in overseas accounts to avoid paying taxes. We could also quit helping everybody that gets in trouble overseas and make our country priority one. But, then they call that isolationism and the global corporate leaches couldn''t make enough (what they call enough) money off their own people.
America has become a corporate dominated greedy nation with never enough materialism to suit it.

[marshall_nee]

Posted by deacon20081 at 02:43 PM : Jul 26, 2008

Easy they''ll print us into Hyperinflation to save the banks''.

[cfin5]

Here comes the Amero currency. Any good guessers out there what the Dollar-Amero exchange rate''''''''''''''''''''''''''''''''s gonna be?

Posted by cfin5

The Amero will be printed and distributed by the same folks the ran the Federal Reserve and the U.S. government into insolvency; the Warburgs, Rothschilds and Rockefellers. Only the name of the currency will change. When the price of property falls low enough, these people will swoop in and "buy" it all up with the worthless Ameros that they''''ll call "cash". Then after a couple decades when the "value" has quintupled, they''''ll loan you "money" so you can re-purchase it from them. Nice gig, huh?


Posted by SistaTee at 03:03 PM : Jul 26, 2008----- Yep, your correct. Nice gig for them. It''s the saying, "The man with the gold (controls the currency) makes the rules".

Read (copy and paste) http://www.vicroberts.net/vicroberts/index2.html about the Federal Reserve, WOW! This country has been "suckered" long enough. We all need to educate ourselves and do something about this. Vic Roberts was a man of great integrity and one who loved his country and cared about what is happening. He did the reading and studying of our faulty Federal Reserve System and tried to make a difference. Sad to say he passed July 5th, 2008 Just take a look, I don''t think you will be dissappointed.

[nextgenman]

Sounds like yet another Republican Socialist Welfare Program for the Wealthy and Irresponsible.

[vnveteran72]

The Federal Reserve System operates by manipulation of what is sometimes referred to as the business cycle of economic expansion and retraction by putting new notes into circulation to increase the ease of obtaining credit, which devalues the currency, then compounds inflation by increasing interest (prime) rates. This manipulation, is responsible for a 96% devaluation of American currency since it was made possible to increasingly sever the link with gold backing by the Federal Reserve Act of 1913. This process of creating new money and adding it to the money supply is known as debasement and is a cause of inflation. In this way, the Federal Reserve System simultaneously controls the supply of money and its value.




The Federal Reserve System is unconstitutional and has maxed out the national debt and bankrupted the United States government.
Federal income taxes were imposed in response to, or as part of, the plan implementing the Federal Reserve System.
Federal income taxes are unconstitutional or otherwise legally invalid.
The use of the Federal income tax to counter the economic effects of the Federal Reserve System is futile.

Time for a Revolution people......

[marshall_nee]

Time for a Revolution people......

Posted by vnveteran72 at 07:13 PM : Jul 26, 2008

Marshall Law before you know it, they''re ready for it this time, the bastardos!

[fuzzybear9]

Hello Betrayed Americans

Traitors , Treason, High Crimes and Misdemeanors.

all of the above.

well First National Bank insolvent !

and who`s money was in First National Bank ? some working guys.

and where did that money go ? stolen by white collar scoundrels. no charges have been pressed yet

who will replace that stolen money ? me out of my pocket in reality.

why ?
Traitors in High Places, Traitors to the American People, Traitors to the Free Enterprise System.

what will be done to bring the culprits to Justice ?
nothing.
nothing.

but we do have a Home Land Security that.
outlaws Acetylene Tourches to work class farmers and mechanics.
outlaws toothpaste and mouthwash at the airport.
carefully does background checks on American Citizens the only people we know are not responsible for 9/11.
grants amnesty to illegal invaders, and now social security checks.

no my freind the time for another Revolutionary War was 50 years ago.

sincerely still picking up the tab Bear
Fuzzy,
p.s. don`t worry they can`t get blood from a turnip.

[vnveteran72]

Marshall Law before you know it, they''''re ready for it this time, the bastardos!


--------------------------------------------------------------------------------

Posted by Marshall_Nee at 07:23 PM : Jul 26, 2008
+ report abuse

Martial Law, FEMA Death Camps, Forced Population Reduction through Mass Genocide, Final Solution through Domestic Bio-Weapons. We are not Economically Viable to the Ruling Elite.
The Ruling Elite want the Planet to themselves, and we''re getting in the way. Think of it as Eminent Domain, but substitute Real Estate with Human Lives.
Time for the Revolution......