Las Vegas NowState takes possession of Elko bank
Associated Press - April 17, 2009 9:45 PM ET
CARSON CITY, Nev. (AP) - Nevada regulators announced Friday they have taken possession of Elko-based Great Basin Bank of Nevada and appointed a federal receiver.
State Financial Institutions Commissioner George Burns said the bank's insured and uninsured deposits will be assumed by Nevada State Bank. As of early January, Great Basin had total assets of about $264 million and total deposits of about $241 million.
"Due to inadequate capital and mounting loan losses, it was necessary to close Great Basin Bank of Nevada," Burns said, adding that the bank's branches will reopen on Monday as branches of Nevada State Bank.
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