UPDATE: Regulators seize First National Bank, buyer announced

Mutual of Omaha Bank of Nebraska has agreed to take over all the deposits and some assets of First National Bank of Nevada, which also operated in Arizona, the Federal Deposit Insurance Corp. announced today.

Mutual of Omaha Bank also is acquiring all deposits and some of the assets of First Heritage Bank of Newport Beach, Calif., an affiliated bank.
The announcement came after federal regulators seized the bank earlier Friday evening. The institution was placed under Federal Deposit Insurance Corp. receivership.

The 28 offices of the two banks will open Monday as Mutual of Omaha Bank branches. First National had five branches in Las Vegas. The FDIC reported the two banks, which are owned by First National Bank Holding Co. of Scottsdale, Ariz., have combined assets of $3.6 billion.

All depositors at the banks will become Mutual of Omaha customers on Monday, and the full amount of their accounts -- even those exceeding the FDIC's $100,000 guarantee limit -- will be transferred to the new bank, the federal agency said.

First National had been unsuccessfully seeking to raise $200 million in additional capital as losses on real estate loans and home mortgage loans grew burdensome. The Ray Lamb family owned and operated the bank.

More information on today's transactions is available at the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/fnbnv.html