Just posted by Reuters at 10:30pm EDT
Banks are: First National Bank of Nevada and First Heritage Bank NA of California. These two banks were sold to Mutual of Omaha Bank.
Updated with Link - knew I would forget something.
http://www.reuters.com/...
More below
WASHINGTON, July 25 (Reuters) - U.S. regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as financial institutions struggle with a housing bust and credit crunch.
Two weeks after the Federal Deposit Insurance Corp seized IndyMac Bancorp Inc (IDMC.PK: Quote, Profile, Research, Stock Buzz), the Office of the Comptroller of the Currency said it closed First National Bank of Nevada and First Heritage Bank NA of California.
The FDIC said the cost of the transactions to its insurance reserve is estimated to be $862 million, adding that the two failed banks represent just 0.3 percent of the $13.4 trillion in total industry assets at about 8,500 FDIC-insured institutions.
Source
FDIC Press Release:
Mutual of Omaha Bank Acquires All Deposits of First National Bank of Nevada and First Heritage Bank, N.A.
All Insured and Uninsured Deposits Transferred to Acquiring Bank
http://www.fdic.gov/...
I'll let our financial wizards give the explanations of what this means for the other holdings in FDIC accounts. But this can't be a good sign.
Guess I will just be glad I don't have enough money to be worried about my savings.
I'll be busy sitting on my hands so I don't put BREAKING in the subject line.
Update2:
Gemina13 pointed out below that yesterday, Calculated Risk posted a story from Bloomberg about WaMu Unsecured Creditors "pulling funds"
"We won't use the phrase `run on the bank,' but we would be remiss if we did not observe that many creditors have quietly been pulling funds," wrote [Gimme Credit analyst Kathleen Shanley], based in Chicago. Their actions are ``presenting an increasing funding challenge,'' she wrote.
Update3 - More Financial News:
The National Australia Bank's decision to write off 90 per cent of its US conduit loans will have dramatic repercussions around the world. Wall Street will be deeply shocked when they understand the repercussions of what NAB has done. It is clear global banks have nowhere near provided for their exposures to US housing loans which in the words of John Stewart are experiencing a "meltdown".
http://www.businessspectator.com.au/...