Roseburg-based Umpqua bank assumed the deposits and assets of a failed Nevada security bank.
This is the fourth acquisition for Umpqua since 2009, and the first acquisition of a bank outside of Washington state.
The Nevada bank had $480.3 million in assets, and $479.8 million in deposits as of March 31. The bank’s failure is expected to cost the federal deposit insurance fund $80.9 million.
Nevada Security Bank is the 83rd failure this year and the 248th since 2008.
Read more at the Wall Street Journal.