New US bank failure

Nevada regulators have shut down Silver State Bank, in the 11th failure this year of a US government-insured bank.

The Federal Deposit Insurance Corporation was appointed receiver of the bank, located in Henderson. It had US$2bn (€1.4bn) in assets and US$1.7bn (€1.2bn) in deposits as of June 30.

The 11 failures so far this year compare with three for all of 2007, and federal banking officials have said that more US banks are in danger of collapse.