City National takes over failed Las Vegas bank
Expanding its network of 10 Nevada branches, City National Corp. of Los Angeles has taken over failed Nevada Commerce Bank, a community bank with two offices in Las Vegas.
In a deal with the Federal Deposit Insurance Corp., City National agreed Friday to take over all of Nevada Commerce’s $136 million in deposits, so no depositors will lose money.
City National’s announcement said it also would take on the Las Vegas bank’s $145 million in loans and other assets, with the FDIC sharing losses on $111 million of the assets.
The Nevada Division of Financial Institutions closed Nevada Commerce earlier Friday and appointed the FDIC as receiver.
The FDIC said Nevada Commerce Bank customers should use their existing branch until they are notified that City National has changed its systems to allow its other branches to process their accounts.
Nevada Commerce depositors can access their money over the weekend by writing checks or using ATM or debit cards, the FDIC said. Checks drawn on the bank will continue to be processed, and loan customers should continue to make their payments as usual.
-- E. Scott Reckard
Image credit: Nevada Commerce Bank