Mutual Of Omaha Buys Deposits Of Two Failed Banks

Law360, New York (July 28, 2008, 12:00 AM EDT) -- Federal regulators closed the doors to two units of First National Bank Holding Co. on Friday, bringing the number of bank failures this year to seven.

First National Bank of Nevada and First Heritage Bank were sold by the Federal Deposit Insurance Corp. to Mutual of Omaha Bank.

The two banks were “critically undercapitalized” and unlikely to become adequately recapitalized without federal assistance, the office of the comptroller of the currency said.

“Of the 10 institutions that have failed over the past two years, this is...
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