Silver State Bank taken over by FDIC

The Nevada Financial Institutions Division (FID) today announced that it has taken possession of Silver State Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

"It's very important that Nevadans know that their insured deposits are secure," said FID Commissioner George E. Burns. "Bank customers should remember that their deposits are insured by the FDIC for up to $100,000 per depositor, per type of account ownership, and up to $250,000 for certain retirement accounts, such as IRAs (Individual Retirement Accounts)."

The Financial Institutions Division is the regulator for all Nevada state-chartered depository institutions including banks, credit unions, thrifts, and trust companies. "Silver State Bank's demise is of significant concern to our state's financial industry, and because of its condition, it was necessary to take possession of the bank and appoint the FDIC as receiver," said Commissioner Burns. "Our goal is to protect depositors, minimize disruption to business and to preserve employees' jobs as much as possible."

"I'm confident that the action taken today by the State's Financial Institutions Division is the best option for protecting Nevadans' deposits in Silver State Bank," said Governor Jim Gibbons. "It's always troubling when a financial institution fails, but the people of Nevada can be sure the State is working diligently to protect their interests."

Silver State Bank customers will continue to have access to banking services over the weekend, and normal business hours and access to banking services will continue on Monday, September 8, 2008, under the control of the FDIC. Customers may phone the Financial Institutions Division at (702) 486-4120 for additional information regarding Silver State Bank.

Customers of Silver State Bank may phone the FDIC at 1-877-275-3342 or 1-866-806-5919 for additional information regarding the receivership or the bank. To determine if your account is fully insured, visit .

"We will continue to work closely with the FDIC to manage this situation as smoothly as possible," said Commissioner Burns. "Despite the challenges the financial industry is currently facing, the banking system continues to be fundamentally safe and sound," commented Commissioner Burns. "As always, depositors should make informed financial decisions, but I remain confident in the regulatory systems in place to protect the public interest at federally insured institutions."