Phoenix, Ariz. – (July 29, 2008) Mutual of Omaha Bank successfully opened 28 locations in Arizona, Nevada and California Monday morning after taking over the deposits of the failed First National Bank of Nevada (also operating as First National Bank of Arizona) and its affiliate, First Heritage Bank of Newport Beach, Calif.
Mutual of Omaha Bank assumed all the deposits of the failed banks, including those that exceeded the FDIC insurance limit, after federal regulators closed the banks on Friday. Depositors of the failed bank automatically became depositors of Mutual of Omaha Bank and no depositor lost money as a result of the failure.
“It’s great to meet our new customers and introduce them to Mutual of Omaha Bank,” said Jeff Schmid, the bank’s Chairman and CEO. “We look forward to earning their trust and being their bank for many years to come.”
At midday, the opening was going smoothly, with cookies and warm welcomes replacing the lines and highly charged emotions that have accompanied other recent bank failures.
Customers saw familiar faces behind the desks and teller windows as Mutual of Omaha Bank has retained the First National and First Heritage staffs. “We’re happy to welcome these new employees to Mutual of Omaha Bank,” Schmid said. “Community banking is based on relationships, and these bankers already have the relationships that will help drive our growth in these markets.”
With the acquisition, Mutual of Omaha Bank now has 15 branches in Arizona, 10 branches in Nevada and three locations in the Los Angeles area. The acquisition also included two key First National operations: the Wealth Management Division and Community Association Banc, which serves neighborhood and condominium homeowners associations.
Mutual of Omaha Bank now operates 44 locations in Nebraska, Colorado, Arizona, Nevada, California, Texas and Iowa with deposits totaling approximately $4 billion. It is a subsidiary of Mutual of Omaha, a 99-year-old insurance and financial services company with more than $22 billion in total assets and very high ratings from the major ratings agencies.
