Crashing US market wipes out more banks

The Africa News.Net
Saturday 26th July, 2008

The US real estate crash has continued to take prisoners in the US with the closure of two more banks.

Late Friday, the Treasury's Office of the Comptroller of the Currency took over First Heritage Bank of Newport Beach, California, and First National Bank of Nevada, based in Reno, Nevada, declaring both undercapitalized and facing losses that would wipe out their capital.

In addition to taking over the deposits, Mutual of Omaha Bank will pay 200 million dollars for assets of the two closed banks, which are now in receivership under FDIC control.

The closures take to ten the number of banks closed in the country in the past 18 months.

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