Failed Bank List

Closed Friday, July 25, 2008 · Reno, Washoe County, Nevada

First National Bank of Nevada

No bank in Nevada had failed for 17 years, since Frontier Savings Association closed in 1990. In the three years to the second quarter of 2008, First National Bank of Nevada's assets grew 158%. It was the largest of two banks handed to Mutual of Omaha Bank together on the day it closed.

On the books, 2000 to 2008

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$1B$2B$3B$4B2001200220032004200520062007Closed
Total assets were at their highest of these 32 quarters in the final report, for the second quarter of 2008. Equity capital went from 8.9% of assets in the third quarter of 2000 to 6.4% at the last report. By then 15% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $224 million, was booked in 2008 in only part of the year.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$240M−$240M2000: −$1.6 million20009.2%2001: $3.1 million20017.9%2002: $12.9 million200212%2003: $23.9 million20038.6%2004: $40.2 million20048.6%2005: $25.7 million20057.6%2006: $33.6 million20069.5%2007: $28.1 million20078.8%2008: −$224 million2008*6.4%
* 2008: January to June only, the last report before closing.

Size against the other 2008 failures

Total assets of the 25 banks that failed in 2008, log scale$10M$100M$1B$10B$100B$1,000B
Total assets of each 2008 failure, log scale; First National Bank of Nevada in red.

By assets it ranked sixth of the 25 failures in 2008. Of the 15 failed banks on record in Nevada since 1934, it ranks second by size. Across the failures of 2008, the median estimated loss came to 37% of assets. Ranked by estimated loss, it is 54th of 2,944 failures since 1934. In the size ranking of that year, just above it was PFF Bank & Trust of Pomona, California ($3.7 billion, loss 7.0% of assets); just below, Silver State Bank of Henderson, Nevada ($2.0 billion, loss 37% of assets). Every 2008 failure in the explorer.

Closed together

With First National Bank of Nevada, the group reported $3.7 billion in assets, and the FDIC's estimated loss on all two is $802 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
First Heritage Bank, NANewport Beach, CA$255 million$92.1 million2005

Failures in Nevada

It was one of three banks in Nevada to fail in 2008. The next was Silver State Bank of Henderson, on September 5, 2008. Washoe County has 2 failed banks on FDIC record since 1934. The other: Nevada Security Bank (2010).

Bank failures in Nevada per year, 1980 to 2026012341983: 11987: 11990: 12008: 32009: 32010: 42011: 12013: 119801990200020102020
Per year since 1980, 2008 in red. Every Nevada failure

FDIC certificate 27011 · loss estimate as of July 31, 2026 · How to read this page