Nevada Security Bank Closed by FDIC

Regulators closed Nevada Security Bank on Friday, bringing the 2010 U.S. failed banks total to 83.

Nevada Security, based in Reno, Nev., had five branches and $480.3 million in assets. It was also known as Silverado Bank, based in Roseville, Calif. The five branches of Nevada Security will reopen Monday under the control of Umpqua Bank (Roseburg, Ore.). Deposits are still insured by the FDIC and members of the former Nevada Security will automatically be enrolled with Umpqua.

Nevada Security Bank was officially closed by the Nevada Financial Institutions Division, which appointed the U.S. government’s Federal Deposit Insurance Corporation (FDIC) as receiver.

Bank Failures Coming More Slowly of Late

For the second consecutive week, just one bank failed. This represents a wholesale slowdown from weeks such as June 4 (three closings) and May 28 (five closings).

In sum, 83 banks have failed since the start of the year. Though the pace of failures has slowed substantially, this year could still see more than last year’s 140.

To see a complete list and a map of 2010 bank failures, click here.

For more information from the FDIC on the bank closure, click here.