LAS VEGAS (AP) - State regulators say they have taken possession of Nevada Commerce Bank in Las Vegas because it didn't have enough capital and its loan losses were mounting.
Commissioner George Burns of the Nevada Financial Institutions Division said Friday that individuals can be confident that their deposits are safe.
The Federal Deposit Insurance Corporation has been appointed as receiver. Burns says deposits are insured for up to $250,000 per depositor.
Officials say Nevada Commerce Bank had $144 million in assets and $136 million in deposits at the end of 2010. The bank had two branches in Las Vegas.