Sunday, September 07, 2008

Local Silver State Bank Pictures

As many of you are aware, the FDIC transfered insured assets/deposits over to Nevada State Bank, a Las Vegas-based unit of Zions Bancorp.

Here are some local pictures. Note how they draped new cloth, Nevada State signs over the permanent Silver State signs... And what is with the police Car - it's been there since Friday night?






5 Comments:

At 9/07/2008 10:16 AM, Blogger Justin_n_IL said...

LOL

 
At 9/07/2008 1:17 PM, Blogger FOFOA said...

Zions Bancorp was on the list of the 10 Dead Men Walking banks put out by Atlantic Advisors in Florida.

 
At 9/07/2008 8:03 PM, Blogger Randy said...

Good catch Fofoa - we'll have to keep an eye on them.

Excerpts from the article in mention:

Zions Bancorp

- Equity has traded down from $75 to $25.

- Tried to issue a $200 million preferred stock offering at 9.5% but only was able to sell $47 million.

- Their debt trades in the open market approximately 1,000 basis points above Treasuries, IF you can sell them, or 13 14%.

- They are geographically in Utah, but spread out to Florida, Nevada and Arizona at the top of housing to take advantage of great opportunities.

- They say they need $200-300 million capital. Good luck.

- They maintained their common dividend.

 
At 9/08/2008 1:38 PM, Blogger FOFOA said...

Here is a chart with some information about the failed banks:
http://online.wsj.com/public/resources/documents/info-Failed_Banks-sort.html

 
At 9/08/2008 1:42 PM, Blogger FOFOA said...

Randy,
Perhaps they are intentionally handing new liquidity to other troubled banks in these conversions. Could the insured deposits and other assets help Zions? When you take over a failed bank, how does it work? Do you just take the good and leave the bad to rot somewhere else?

 

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