Owner of failed Nevada bank files for Chapter 7
The owner of the failed Nevada Commerce Bank filed for Chapter 7 liquidation Thursday. In its filing with the U.S. Bankruptcy Court for Nevada, NCB Financial listed assets of around $303,895 against liabilities of $6.573 million.
The largest creditor is the Wilmington Trust Co., the trustee for holders of $6.57 million in preferred shares. The company also has a $1,878.77 tax bill in California.
Devastated by bad construction real estate loans during the recession, Nevada Commerce Bank of Las Vegas was seized by federal regulators on April 8. City National Bank acquired most of the bank's loans and other assets from the Federal Deposit Insurance Corp.
When the FDIC took over, the bank had $145 million in assets. But it has reported a $5.4 million loss in 2010, its third consecutive year of losses.
Contact reporter Chris Sieroty at
csieroty@reviewjournal.com or 702-477-3893.
