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The Security Savings Bank branches will open on 2 March 2009 as branches of Bank of Nevada.
Bank of Nevada, a subsidiary of Western Alliance Bancorporation, has USD3bn in assets and 15 offices in southern Nevada.
Security Savings Bank was declared insolvent by the Nevada Commissioner at the close of business 26 February and the FDIC was named receiver. The board of directors of the FDIC approved the assumption of USD175m in deposits by Bank of Nevada, including both insured and uninsured deposits.
The loan portfolio of Security Savings Bank will be retained by the FDIC.
Bank of Nevada did not pay any premium to assume the deposits.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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