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Las Vegas Now | FDIC Meets with Groups Hit by Silver State Closure
When Silver State Bank collapsed last Friday, it had $20 million in uninsured funds. That money is not covered by the FDIC because it exceeds the $100,000 insured limit per account.
Among those bank customers who face losing money is a Las Vegas senior citizens group who had raised of hundreds of dollars to host a national convention in Las Vegas next year.
The group held a meeting with the FDIC. At stake, is about $180,000, its principle and accrued interest -- money that the Las Vegas deaf senior citizens group was going to use to host an international conference in Las Vegas.
Speaking through an interpreter, the group's chairman says he opened four separate certificates of deposit totaling $250,000 at Silver State Bank in Las Vegas.
The bank, with branches in Nevada and Arizona, suddenly closed for good last Friday and reopened as Nevada State Bank.
Customers with accounts totally $100,000 or less are insured by FDIC. The Las Vegas deaf senior citizens group was under the impression that each of its four CD's were separate accounts, which would all be insured.
Now, the group is being told by the FDIC it was a single account and $180,000 will not be covered. That money is already earmarked to be spent hosting the International Deaf Seniors of America convention in June of 2009 at the Paris Hotel.
Without that money, the whole convention is in jeopardy, the group says, because Silver State's bank officers mislead them.
Members of the deaf senior citizens group met with FDIC claims' officers Wednesday afternoon. They were told it doesn't matter what Silver State bank officers told them at the time they opened each CD , the group would only be insured for $100,000.
This group was just one of many account holders who all together stand to lose $20 million in uninsured deposits due to the failure of Silver State Bank.
The spokesman says, based on the past 15 year history of failed U.S. banks, customers recover on average about 72 cents on the dollar, but like any bankruptcy, that could take three to five years.
That's not much help to this group whose convention is in June.
If you believe you had deposits exceeding $100,000 at Silver State Bank, you can call the FDIC call center and speak directly with a claims officer. That toll free number is 1-800-523-8177.
When Silver State Bank collapsed last Friday, it had $20 million in uninsured funds. That money is not covered by the FDIC because it exceeds the $100,000 insured limit per account.
Among those bank customers who face losing money is a Las Vegas senior citizens group who had raised of hundreds of dollars to host a national convention in Las Vegas next year.
The group held a meeting with the FDIC. At stake, is about $180,000, its principle and accrued interest -- money that the Las Vegas deaf senior citizens group was going to use to host an international conference in Las Vegas.
Speaking through an interpreter, the group's chairman says he opened four separate certificates of deposit totaling $250,000 at Silver State Bank in Las Vegas.
The bank, with branches in Nevada and Arizona, suddenly closed for good last Friday and reopened as Nevada State Bank.
Customers with accounts totally $100,000 or less are insured by FDIC. The Las Vegas deaf senior citizens group was under the impression that each of its four CD's were separate accounts, which would all be insured.
Now, the group is being told by the FDIC it was a single account and $180,000 will not be covered. That money is already earmarked to be spent hosting the International Deaf Seniors of America convention in June of 2009 at the Paris Hotel.
Without that money, the whole convention is in jeopardy, the group says, because Silver State's bank officers mislead them.
Members of the deaf senior citizens group met with FDIC claims' officers Wednesday afternoon. They were told it doesn't matter what Silver State bank officers told them at the time they opened each CD , the group would only be insured for $100,000.
This group was just one of many account holders who all together stand to lose $20 million in uninsured deposits due to the failure of Silver State Bank.
The spokesman says, based on the past 15 year history of failed U.S. banks, customers recover on average about 72 cents on the dollar, but like any bankruptcy, that could take three to five years.
That's not much help to this group whose convention is in June.
If you believe you had deposits exceeding $100,000 at Silver State Bank, you can call the FDIC call center and speak directly with a claims officer. That toll free number is 1-800-523-8177.
