Security Savings Bank, Henderson, NV

Security Savings Bank of Henderson, Nevada, is gone. The bank becomes FDIC casualty number 15 of 2009 and Nevada’s first of the year.

Henderson-based Security Savings Bank was seized by the state’s Financial Institutions Division today. The state appointed the Federal Deposit Insurance Corporation as receiver.

Security Savings Bank was the 20th largest bank in terms of deposits in Las Vegas, according to In Business Las Vegas’ 2009 Book of Business Lists. This is the first bank failure in Nevada this year.

“Deposits are now insured by the FDIC for up to $250,000 per depositor, per type of account ownership. All non-brokered deposits of Security Savings Bank, insured and uninsured, will be assumed by Bank of Nevada.”

As of December 2008, Bank of Nevada has 495 employees and $3 billion in assets, which includes $2.7 billion in deposits. Western Alliance has $5.4 billion in assets among its five subsidiaries and $3.7 billion in deposits.

Security Savings Bank’s customers will continue to have access to banking services over the weekend, and normal business hours and access to banking services will continue on Monday, March 2, 2009, as branches of Bank of Nevada. Customers may phone the Financial Institutions Division at (702) 486-4120 for additional information regarding Security Savings Bank.

For more information go to the FDIC web page here.

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