Home -> Law Blog Directory -> Bailout Blogs -> Calculated Risk

Bailout

: Calculated Risk

Bank Failure #102: SouthwestUSA Bank, Las Vegas, Nevada

By Anonymous

Desert oasis
Once flush green brown shifts to fail
Viva, lost wages
by Soylent Green is People
From the FDIC: Plaza Bank, Irvine, California, Assumes All of the Deposits of SouthwestUSA Bank, Las Vegas, Nevada

As of March 31, 2010, SouthwestUSA Bank had approximately $214.0 million in total assets and $186.7 million in total deposits.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $74.1 million. ... SouthwestUSA Bank is the 102nd FDIC-insured institution to fail in the nation this year, and the fourth in Nevada. The last FDIC-insured institution closed in the state was Nevada Security Bank, Reno, on June 18, 2010.

That makes six today.

Full post as published by Calculated Risk on July 23, 2010 (boomark / email).