OMAHA, Neb.--(BUSINESS WIRE)--Mutual of Omaha Bank has agreed to acquire from the FDIC the deposits of the failed Reno, Nev.,-based First National Bank of Nevada and its affiliate, First Heritage Bank of Newport Beach, Calif., the company announced.The transaction includes all deposits, both insured and uninsured. All former branches of First National Bank of Nevada (also operating as First National Bank of Arizona) and First Heritage Bank will open Monday as branches of Mutual of Omaha Bank, and all depositors will automatically become depositors of Mutual of Omaha Bank, said Jeff Schmid, chairman and CEO of Mutual of Omaha Bank.
Federal regulators on Friday declared First National Bank of Nevada and its affiliates insolvent and the FDIC was named receiver. The FDIC Board of Directors approved the assumption of more than $3 billion in deposits by Mutual of Omaha Bank. FDIC will retain most of First National’s loan portfolio.
“We would first like to reassure all customers of First National Bank of Nevada and First Heritage Bank that all their deposits are safe and accessible.” Schmid said. “Their deposits will automatically transition to Mutual of Omaha Bank and we will be open for business on Monday morning.”
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