Nevada Bank Is Years 84th Failure
WASHINGTON – The FDIC shuttered Nevada Security Bank in Reno, Nev., the 84th bank failure for 2010.
Umpqua Bank, a Roseburg, Ore., bank that has been buying up cheap assets of failed institutions, agreed to assume the assets and deposits of the failed bank.
The failure of Nevada Security Bank is expected to cost the deposit insurance fund $80.9 million.
The number of bank failures is expected to peak this year and be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion.
There have been 15 credit union failures so far this year, after 28 failures last year.