I like the lede on this article about the failure of another bank with Arizona branches.
State and federal bank regulators late Friday announced the seizure and sale of Henderson-based Silver State Bank, which bet its future on Las Vegas real estate values and lost.
The bank had $1.7 billion in deposits. Nevada State Bank is taking over the deposits insured by the Federal Deposit Insurance Corp., leaving only $20 million in uninsured deposits, which may not be wholly recovered.
National Bank of Arizona, a subsidiary of Zions Bancorporation out of Utah, will take over the 4 Silver State branches in Arizona.
First National Bank of Arizona (Oh my gosh! What confusing names… and unlucky too!) was bought by Mutual of Omaha Bank after the FDIC shut it down last July.