On Friday, the Nevada Department of Business and Industry, Financial Institutions Division closed Carson River Community Bank, headquartered in Carson City, Nevada, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Heritage Bank of Nevada, headquartered in Reno, Nevada, to assume all of the deposits of Carson River Community Bank.
As of December 31, 2009, Carson River Community Bank had approximately $51.1 million in total assets and $50 million in total deposits. Heritage Bank of Nevada did not pay the FDIC a premium to assume the deposits of Carson River Community Bank. Heritage Bank of Nevada also agreed to purchase approximately $38 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition. The FDIC and Heritage Bank of Nevada entered into a loss-share transaction on $28.5 million of Carson River Community Bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $7.9 million. Carson River Community Bank is the 21st FDIC-insured institution to fail in the nation this year, and the third in Nevada.