Banks seized by FDIC in Nevada and Illinois

By Edward Harrison On Feb 27, 2009

Two more Friday night specials – story via Reuters

U.S. regulators closed Security Savings Bank in Henderson, Nevada, and Heritage Community Bank in Glenwood, Illinois, the Federal Deposit Insurance Corporation said on Friday.

Heritage, which had four offices, had total assets of $232.9 million and total deposits of $218.6 million as of Dec. 5, 2008. It will be acquired by MB Financial Bank.

Security Savings Bank, which had two offices, had total assets of approximately $238.3 million and total deposits of $175.2 million as of Dec. 31, 2008. It will be taken over by the Bank of Nevada.

The seizures bring to 16 the number of banks closed in the first two months of 2009. That would be up from 25 in 2008, and just three in 2007.

Edward Harrison 7783 posts 575 comments

Edward Harrison is a senior Editor at Bloomberg. He is also the founder of Credit Writedowns newsletter, a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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