First Heritage Bank/First National Bank of Nevada

Who: First Heritage Bank and First National Bank of Nevada

What: Sixth and seventh bank failures of 2008 (both on July 25, 2008)

Where: Newport Beach, California and Reno, Nevada

Why: Bad loans to developers and home builders in Arizona and Nevada. The banks also were, according to the Office of the Comptroller of the Currency (OCC), "critically undercapitalized."

Fast Facts: The FDIC entered into purchase and assumption agreements with Mutual of Omaha Bank to take over all deposits and certain assets of both banks; as of June 30, 2008, First Heritage Bank had $254 million in total assets and $233 million in total deposits, while First National of Nevada had $3.4 billion in total assets and $3 billion in total deposits; FDIC spokesman David Barr commented on the proceedings, saying "Customers should just think of it as two banks merging."

View the press release