State Takes Over Nevada Commerce Bank
The Nevada Financial Institutions Division (FID) has taken possession of Nevada Commerce Bank in Las Vegas and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
“Due to inadequate capital and mounting loan losses, it was necessary to close Nevada Commerce Bank and appoint the FDIC as receiver,” said FID Commissioner George E. Burns.
As of December 31, 2010, Nevada Commerce Bank had total assets of approximately $144 million and total deposits of approximately $136 million. Nevada Commerce Bank had two branches in Las Vegas.
“Nevadans can be confident that their deposits are safe,” said Commissioner Burns.
Nevada Commerce Bank customers will continue to have access to banking services over the weekend, and normal business hours and access to banking services will continue on Monday, April 11, 2011, as branches of City National Bank. Over the weekend, Nevada Commerce Bank’s depositors can access their deposits by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
Customers may phone the Financial Institutions Division at (702) 486-4120 for additional information regarding Nevada Commerce Bank.
Bank customers with questions about the changeover or who would like more information about the closing of Nevada Commerce Bank can call the FDIC toll-free at (877) 275-3342, from 9am to 5pm Saturday and Sunday, and thereafter from 8am to 8pm.