First National Bank of Nevada and First Heritage Bank were closed by US regulators on Friday, the first institutions to fail since regulators seized IndyMac Bancorp two weeks ago following a run by depositors. First National Bank of Nevada, with $3.4 billion in assets, and California-based First Heritage Bank, which had $254 million in assets, were undercapitalized, the Office of the Comptroller of the Currency said last night in a statement. Mutual of Omaha Bank acquired their deposits, according to the Federal Deposit Insurance Corp., which was named the receiver. “All depositors, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Mutual of Omaha Bank for the full amount of their deposits,” the FDIC said. The banks, owned by First National Bank Holding Co. of Scottsdale, Ariz., are the sixth and seventh to fail this year as the financial-services industry grapples with failed loans stemming from the worst housing slump since the Depression. Regulators closed IndyMac Bancorp, a California mortgage lender with more than $19 billion in deposits, on July 11, in the third-largest federal seizure of a financial company. Mutual of Omaha Bank will assume all deposits and some assets of both banks, and their 28 offices in Arizona, California and Nevada will open Monday as branches of the Omaha bank, the FDIC said. First Heritage, a national bank chartered in 2005, had three branches and mainly served corporations. First National Bank of Nevada, chartered in 1987, also operated as First National Bank of Arizona with 25 branches, the regulators said. Lenders on the FDIC's “problem list” grew to 90 in the first quarter from 76 in the fourth quarter of 2007, the FDIC had said. The FDIC insures deposits at 8,494 institutions with $13.4 trillion in assets. The OCC is an agency of the Treasury Department that regulates national banks. US bank regulators closed First Integrity Bank, based in Minnesota, and ANB Financial in Arkansas in May; Hume Bank in Missouri in March; and Douglass National Bank in Missouri in January. The four lenders had $2.2 billion in assets and losses estimated at $225 million.
