FDIC takes over all 28 branches of 1st National Bank of Nevada and First Heritage Bank
CARSON CITY, Nev. (AP) -- The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday. The banks, owned by First National Bank Holding Co., were to reopen Monday as Mutual of Omaha Bank branches, the FDIC said.
In the first half of 2008, the closed banks total assets were $3.6 billion down from $4.1 billion six months earlier.
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I strongly echo the FDICs statements. There is no need to rush to the bank to get your money out from a "failed bank." These banks will reopen Monday as Mutual of Omaha Banks. If your accounts are under $100,000 in any FDIC insured bank you will get your account balance back.
By $100,00 for "your accounts" I mean for everyone in your household. By bank I mean the total of all accounts by your household in any one bank. There are upward exceptions but the rules are complicated and why risk a mistake that is easily prevented. Use the bright line rule. And, why not just "sprinkle the money around?" (Dolly Levi, Hello Dolly!)
As I stated in my diary just yesterday the way to meet the economic future is with eyes wide open.
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You must be an informed investor just as much as an informed voter. Check out these CD rates. Tempting.
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Then check out the "Safe and Sound Rating." These are the star links below. This is a risk rating.
Generally, the higher the risk the greater the return. An investor, meaning a stockholder, depositor, money market fund or CD's, might like to compare higher risk vs. lower risk investments, even if they are both FDIC insured banks. (This is just an example for educational purposes, not investment advice!)
Some of the top paying banks have better "Safe and Sound" ratings than others? Why? Look them up in the stock charts. We all are going to have to keep ourselves informed of important economic trends as the media, for good or ill, has become a deafening roar of presidential politics. We must raise all boats. Otherwise Senator Obama will face even more obstacles to his ecomomic policies.