Failed Bank Information
Information for First National Bank of Nevada, Reno, NV
- Press Release
- Acquiring Financial Institution
- Question and Answer Sheet
- Banking Services
- Loan Customers
- Possible Claims Against the Failed Institution
- Priority of Claims
- Dividend Information
- Brokered Deposits
- Purchase and Assumption Agreement (137 KB PDF File - PDF Help)
- Balance Sheet Summary
On July 25, 2008, First National Bank of Nevada, Reno, NV, was closed by the Office of the Comptroller of the Currency (OCC). Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed. As of June 30, 2008, the former First National Bank of Arizona, Scottsdale, AZ, merged with First National Bank of Nevada and is included in this action.
The FDIC has assembled useful information regarding your relationship with this institution. Besides a checking account, you may have Certificates of Deposit, a car loan, a business checking account, a commercial loan, a Social Security direct deposit, and other relationships with the institution. The FDIC has compiled the following information which should help answer many of your questions.
II. Press Release
The FDIC has issued a press release (PR-63-2008) about the institution's closure. If you represent a media outlet and would like information about the closure, please contact David Barr at 202-898-6992 or Andrew Gray at 202-898-7192 or 202-494-1049.
III. Acquiring Financial Institution
All deposit accounts have been transferred to Mutual of Omaha Bank, Omaha, Nebraska ("assuming institution"). All deposit accounts will be available as usual.
Your transferred deposits will be separately insured from any accounts you may already have at Mutual of Omaha Bank for six months after the failure of First National Bank of Nevada. Checks that were drawn on First National Bank of Nevada that did not clear before the institution closed will be honored as long as there are sufficient funds in the account. If you have questions about your account(s) transferred to the assuming bank, you may speak to an FDIC representative regarding deposit insurance by calling: (888) 206-4662.
For general questions about FDIC deposit insurance coverage, please call 1-877-275-3342 or visit EDIE, the FDIC's Electronic Deposit Insurance Estimator.
You may withdraw your funds from any transferred account without an early withdrawal penalty until you enter into a new deposit agreement with Mutual of Omaha Bank as long as the deposits are not pledged as collateral for loans. You may view more information about Mutual of Omaha Bank by visiting their web site.
Mutual of Omaha Bank (www.mutualofomahabank.com)
V. Banking Services
You may continue to use the services to which you previously had access, such as automatic teller machines (ATMs), safe deposit boxes, night deposit boxes, wire services, etc.
Your checks will be processed as usual. All outstanding checks will be paid against your available balance(s) as if no change had occurred. Mutual of Omaha Bank will contact you soon regarding any changes in the terms of your account. If you have a problem with a merchant refusing to accept your check, please contact Mutual of Omaha Bank at 888-419-5574. An account representative will clear up any confusion about the validity of your checks.
After July 25, 2008, your account will earn interest at a rate determined by Mutual of Omaha Bank. You will be notified by letter regarding this matter.
Your automatic direct deposit(s) and/or automatic withdrawal(s) should be transferred automatically to your assuming institution. You should contact your assuming institution, however, to discuss your account(s) and to insure that service is not delayed or discontinued.
All your deposit account histories and records will be transferred to your assuming institution. If your assuming institution requires any additional signatures or forms, it will notify you. If you have any questions or special requests, you may contact a representative of Mutual of Omaha Bank at 888-419-5574.
VI. Loan Customers
If you had a loan with First National Bank of Nevada, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to in your promissory note with the failed institution. Checks should be made to your former bank and sent to the same address until further notice.
VII. Possible Claims Against the Failed Institution
Claims against failed financial institutions occur when bills sent to the institution remain unpaid at the time of failure. Shortly after the failure, the FDIC sends notices directly to all known service providers to explain the claim filing process.
Please note: there are time limits for filing a claim, as specified in the notice.
If you provided a service for First National Bank of Nevada and have not received a notice, please contact:
Federal Deposit Insurance Corporation
Receiver: First National Bank of Nevada
Attention: Claims Department, DRR
1601 Bryan Street
Dallas, Texas 75201
Call toll free (888) 206-4662
VIII. Priority of Claims
In accordance with Federal law, allowed claims will be paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
IX. Dividend Information
X. Brokered Deposits
The FDIC offers a reference guide to deposit brokers acting as agents for their investor clientele. This site outlines the FDIC's policies and procedures that must be followed by deposit brokers when filing for pass-through insurance coverage on custodial accounts deposited in a failed FDIC Insured Institution. All deposit passed to Mutual of Omaha Bank.