Bank Deposit Fdic

-Plaza bank to take on deposits and assets of 1st Commerce Bank.

Global Banking News-June 7, 2013–Plaza bank to take on deposits
and assets of 1st Commerce Bank(C)2013 ENPublishing –
http://www.enpublishing.co.uk

Global Banking News – 07 June 2013

Plaza Bank has agreed to assume the deposits and purchase the
assets of 1st Commerce Bank, a
North Las Vegas
 city (1990 pop. 47,707), Clark co., SE Nev., a residential suburb of Las Vegas; inc. 1946. Tourism is the economic mainstay of this growing suburb. The city’s population more than tripled between 1990 and 2003.
 bank seized by the

Federal Deposit Insurance Corporation
 (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000.
 (
FDIC

See Federal Deposit Insurance Corporation (FDIC).
).

The 1stCommerce Bank had about USD20.2m in assets and USD19.6m in
deposits as of March 31. The FDIC and Plaza Bank have agreed to share
losses of USD12.2m of the seized bank’s loans and assets.

While the bank’s failure is estimated to cost the FDIC
USD9.4m, Plaza Bank will benefit by gaining a second branch in South
Nevada.

[Editorial queries for this story should be sent to
gbn@enpublishing.co.uk]

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