Las Vegas NowNevada regulators take possession of Elko-based Great Basin Bank of Nevada
Associated Press - April 17, 2009 10:05 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. The Federal Deposit Insurance Corp. is the receiver of the insolvent bank.
Great Basin currently has total assets of about $238 million and total deposits of about $220 million. That's down from about $264 million in assets and $241 million in deposits in late December.
Burns says the takeover was necessary "Due to inadequate capital and mounting loan losses." He adds that the bank's five branches, all in northern Nevada, will reopen on Monday as branches of Nevada State Bank.
Great Basin has two branches in Elko, one in Spring Creek, one in Fallon and one in Winnemucca.
Nevada State Bank also acquired the insured deposits of Silver State Bank in southern Nevada last fall. Prior to the latest acquisition, Nevada State Bank operated 54 branches statewide and listed assets of more than $4 billion.
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