April 18, 2009 / 1:24 AM / 11 years ago

Great Basin Bank closed by U.S. regulators

WASHINGTON, April 17 (Reuters) - Bank regulators closed Great Basin Bank of Nevada on Friday, the 25th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.

The Federal Deposit Insurance Corp said Great Basin had assets of $270.9 million and $221.4 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $42 million.

Nevada State Bank agreed to assume the insured deposits of Great Basin, whose five branches will reopen on Monday as branches of Nevada State Bank. (Reporting by Christopher Doering; Editing by Richard Chang)

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