US regulators close Silver State Bank in Henderson, Nev.
ReutersWASHINGTON (Reuters) - Regulators closed SilverState Bank on Friday, the 11th U.S. bank to fail this yearas the struggling economy and falling home prices take theirtoll on financial institutions.
The Federal Deposit Insurance Corp said the Henderson,Nevada bank had $2 billion in assets and $1.7 billion indeposits as of June 30. The failure is expected to cost theFDIC deposit insurance fund between $450 million and $550million.
Nevada State Bank, which is based in Las Vegas, has agreedto assume the insured deposits, which do not include about $700million in volatile, high-cost funds called brokered deposits.
Customers can access their money over the weekend by check,teller machine or debit card, the FDIC said. (Reporting by John Poirier; editing by Carol Bishopric)