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5.28 Nevada - State shuts down Las Vegas-based Sun West Bank

Sun West Bank has been taken over by the state's Financial Institutions Division, appointing the Federal Deposit Insurance Corp as receiver.

As of 3.31.2010, Sun West Bank had total assets of about $361 million and total deposits of about $354 million.

“Due to inadequate capital and mounting loan losses, it was necessary to close Sun West Bank and appoint the FDIC as receiver. We are committed to protecting the public interest and ensuring that Nevada’s banking system continues to be fundamentally safe and sound,” Financial Institutions Commissioner George Burns said.

Sun West Bank had five branches in Las Vegas and two branches in Reno.

Burns said deposits are safe and insured by the FDIC for up to $250,000 per depositor, per type of account ownership. All deposits of Sun West Bank will be assumed by City National Bank.

Sun West customers will continue to have access to their accounts over the three day Memorial Day weekend by writing checks, visiting ATMs and using their debit cards. The branches will reopen Tuesday as branches of City National Bank.

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