Nearly 1,000 Nevadans who lost money at Silver State Bank to be retroactively insured

July 26, 2010

 Washington, D.C.—Nevada Senator Harry Reid today announced that nearly 1,000 uninsured depositors at the failed Silver State Bank in Henderson received an additional $17.2 million dollars from the Federal Deposit Insurance Corporation. When Silver State Bank closed in 2008, 983 depositors were uninsured.  While leading passage of the Wall Street Reform bill in the Senate, Reid worked to include a provision that increased deposit insurance limits from $100,000 to $250,000.  Reid also ensured the increase was dated retroactive to January 1, 2008, to include depositors impacted by the closure of Silver State Bank.
 
“I worked to make this insurance limit increase retroactive to ensure that the Nevadans who lost their savings when Silver State Bank failed would get back some of their hard-earned money,” Reid said.  “As our economy continues to recover, the insurance limit will help provide security for Nevadans who are building their savings in local banks.”