The Nevada Financial Institutions Division (FID) today announced that it has taken possession of Great Basin Bank of Nevada in Elko, Nevada, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

As of 12/31/2008, Great Basin Bank of Nevada had total assets of approximately $264 million and total deposits of approximately $241 million.

“We want Nevadans to know that their deposits are safe,” said FID Commissioner George E. Burns.  “Deposits are now insured by the FDIC for up to $250,000 per depositor, per type of account ownership. All deposits of Great Basin Bank of Nevada, insured and uninsured, will be assumed by Nevada State Bank.”  Customers of Great Basin Bank of Nevada may phone the FDIC at 1-866-782-1969 for additional information about their deposits and the receivership of the bank or online at http://www.fdic.gov.

The Financial Institutions Division is the regulator for all Nevada state-chartered depository institutions including banks, credit unions, thrifts, etc., supervising over 35 of these state financial institutions.  “Due to inadequate capital and mounting loan losses, it was necessary to close Great Basin Bank of Nevada and appoint the FDIC as receiver,” said Commissioner Burns.  “We are committed to making sure Nevada’s banking system continues to be fundamentally safe and sound.”

Over the weekend, Great Basin Bank of Nevada’s depositors can access their deposits by writing checks or using ATM or debit cards.  Normal business hours and access to banking services will continue on Monday, April 20, 2009, as branches of Nevada State Bank.   Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Customers may phone the Financial Institutions Division at (702) 486-4120 for additional information regarding Great Basin Bank of Nevada.

“We will continue to work closely with the FDIC and Nevada State Bank to manage this situation as smoothly as possible,” said Commissioner Burns. “Especially with the economic instability we are experiencing today, our goal is always to protect depositors while minimizing the disruption to business and preserving jobs as much as possible.”

For more information about the Financial Institutions Division, visit http://fid.state.nv.us/.