Silver State Bank of Henderson, Nevada, was closed by US regulators, the 11th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Depression.
Silver State, with US$2 billion in assets and US$1.7 billion in deposits, was shut by the Nevada Financial Institutions Division and the Federal Deposit Insurance Corp (FDIC), the FDIC said on Friday in a statement.
Nevada State Bank in Las Vegas will assume the deposits from Silver State, which was run by Silver State Bancorp. The failed bank’s offices will open tomorrow as branches of Nevada State and National Bank of Arizona, the FDIC said.
“Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship,” it said.
The bank operates 13 branches in Nevada and four in Arizona, according to its Web site.
Banks are being closed at the fastest pace in 14 years and regulators have publicly ordered dozens of institutions to shore up capital or restrict their business. California lender IndyMac Bancorp Inc, which had US$32 billion in assets, was closed on July 11 in the third-largest bank seizure, contributing to a 14 percent drop in the US deposit insurance fund that had US$45.2 billion at the end of the second quarter.
In July, Silver State announced the resignation of Andrew McCain as a director of the bank. McCain, who had served on the audit committee and was a director for five months, is the son of Republican presidential nominee John McCain. A call to the campaign’s press line on Friday night wasn’t immediately returned.
Nevada State will buy insured deposits for a 1.3 percent premium, the FDIC said.
Silver State had about US$20 million in uninsured deposits in 500 accounts, the FDIC said.
The FDIC insures deposits of up to US$100,000 per depositor per bank, and up to US$250,000 for some retirement accounts at 8,451 institutions with US$13.3 trillion in assets.
The FDIC last week said 117 banks were classified as “problem” lenders in the second quarter, a 30 percent jump from the first quarter. The agency doesn’t identify “problem” lenders. Before Friday’s action, the FDIC had closed 37 banks since October 2000, according to a list at fdic.gov. In 1994, the government had closed a dozen institutions by the end of August.
US regulators this year also closed Integrity Bank of Alpharetta, Georgia, Columbian Bank and Trust of Topeka, Kansas, and First Priority Bank of Bradenton, Florida, in August; Reno-based First National Bank of Nevada and Newport Beach, California-based First Heritage Bank in July; Staples, Minnesota-based First Integrity Bank and ANB Financial in Bentonville, Arkansas, in May; Hume Bank in Hume, Missouri, in March; and Douglass National Bank in Kansas City, Missouri, in January.
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
Malaysia’s leader yesterday announced plans to build a massive semiconductor design park, aiming to boost the Southeast Asian nation’s role in the global chip industry. A prominent player in the semiconductor industry for decades, Malaysia accounts for an estimated 13 percent of global back-end manufacturing, according to German tech giant Bosch. Now it wants to go beyond production and emerge as a chip design powerhouse too, Malaysian Prime Minister Anwar Ibrahim said. “I am pleased to announce the largest IC (integrated circuit) Design Park in Southeast Asia, that will house world-class anchor tenants and collaborate with global companies such as Arm [Holdings PLC],”
TRANSFORMATION: Taiwan is now home to the largest Google hardware research and development center outside of the US, thanks to the nation’s economic policies President Tsai Ing-wen (蔡英文) yesterday attended an event marking the opening of Google’s second hardware research and development (R&D) office in Taiwan, which was held at New Taipei City’s Banciao District (板橋). This signals Taiwan’s transformation into the world’s largest Google hardware research and development center outside of the US, validating the nation’s economic policy in the past eight years, she said. The “five plus two” innovative industries policy, “six core strategic industries” initiative and infrastructure projects have grown the national industry and established resilient supply chains that withstood the COVID-19 pandemic, Tsai said. Taiwan has improved investment conditions of the domestic economy
Sales in the retail, and food and beverage sectors last month continued to rise, increasing 0.7 percent and 13.6 percent respectively from a year earlier, setting record highs for the month of March, the Ministry of Economic Affairs said yesterday. Sales in the wholesale sector also grew last month by 4.6 annually, mainly due to the business opportunities for emerging applications related to artificial intelligence (AI) and high-performance computing technologies, the ministry said in a report. The ministry forecast that retail, and food and beverage sales this month would retain their growth momentum as the former would benefit from Tomb Sweeping Day