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California-Based Bank Takes Over Failed North Las Vegas Bank | Money / Finance

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California-Based Bank Takes Over Failed North Las Vegas Bank
Money / Finance
California-Based Bank Takes Over Failed North Las Vegas Bank

A North Las Vegas bank that was seized by the Federal Deposit Insurance Corporation was back open Friday under a new name and new management.

Plaza Bank, based in Irvine, California, moved quickly to take over for First Commerce Bank.

It had people at the location at Washburn Road and Camino Al Norte early Friday morning.

According to Plaza Bank, customers will notice nothing different, except the name and some differences in what is available to them.

"We are a much bigger bank than First Commerce was. They were about a $20 million dollar bank. We are a $430 million bank," bank president and CEO Gene Galloway said. "We have a lot more products and services. We have a major bank location over on the west side on Flamingo, and we will continue to operate out of here in the short term."

The failure of First Commerce puts the total number of banks that have failed around the country so far this year at 15.

According to the FDIC website, in the same time period in 2009, which was shortly after the financial crisis started, 36 banks across the U.S. had failed.

Money / Finance