Sunday, September 7, 2008

Failed Silver State branches in Arizona will reopen Monday...

The four Arizona branches of Silver State Bank, which was shut down by Nevada regulators Friday, held $183 million, or about 10 percent of the bank's $1.7 billion in deposits, according to the Federal Deposit Insurance Corp.

Nevada-based Silver State also had $2 billion in assets as of June 30.

The FDIC said Friday that the bank's insured deposits will be assumed by Nevada State Bank of Las Vegas. Its branches will reopen Monday as offices of Nevada State Bank in Nevada and National Bank of Arizona in the Valley.

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