Archives for August 2009
28-Aug-2009
Item 1.03 – Bankruptcy or Receivership.
On August 14, 2009, Community Bank of Nevada, the principal operating subsidiary of Community Bancorp Inc. (the “Company”), was closed by the State of Nevada Financial Institutions Division, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver of the bank.
In addition on August 14, 2009, Community Bank of [...]
BANKING: Painful quarter for local lenders
Aug. 30, 2009
Copyright © Las Vegas Review-Journal
Just one of 20 banks posts profit in period, data show
By JOHN G. EDWARDS
LAS VEGAS REVIEW-JOURNAL
The recent failure of $1.5 billion-asset Community Bank of Nevada was a reminder of just how much damage the unrelenting recession has caused Southern Nevada financial institutions.
It was the [...]
Consumer spending edged up in July with help from the Cash for Clunkers program, but household incomes, the fuel for future spending increases, were flat.
The Commerce Department reported today that consumer spending rose 0.2 percent in July.Personal incomes were unchanged last month, a weaker showing than the expected 0.2 percent gain.
With incomes flat in July [...]
Brooke Boemio has the dubious honor of developing the Worst PR of the Year. Proudly, no doubt, the relatively newly-minted realtor served herself up to Time Magazine for the publication’s “Less Vegas” cover story about the decline and fall of Vegas.
“It’s an entire city of John Dillingers, feeling guiltless for stealing from the banks. Boemio [...]
Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported an aggregate net loss of $3.7 billion in the second quarter of 2009, a decline of $8.5 billion from the $4.8 billion in profits the industry reported in the second quarter of 2008. Insured institutions earned $424 million in net operating [...]
The economy shrank at an annual rate of 1 percent in the spring, a better-than-expected showing and more evidence that the recession is drawing to a close.
The Commerce Department’s estimate for the change in the gross domestic product was unchanged from the initial figure it released last month. The drop, while representing a record fourth [...]
New home sales in July 2009 increased 9.6% from the prior month but declined 13.4% from the prior year, to 433,000.
Orders for durable goods rose last month by the largest amount in two years, the Commerce Department reported today that orders for goods expected to last at least three years increased 4.9 percent in July, the third rise in the past four months. Orders for June were revised up to a 1.3 percent drop, from a [...]
Edward M. Kennedy, one of the most powerful and influential senators in American history and one of three brothers whose political triumphs and personal tragedies captivated the nation for decades, died at 77.
Kennedy, a Massachusetts Democrat, was the last survivor of a privileged and charismatic family that in the 1960s dominated American politics and attracted [...]
(http://www.latimes.com/business/la-fi-golden24-2009aug24,0,1640578.story)
The Golden State won’t let its businesses go easily, especially not to Nevada, if one California lawmaker has his say.
A week after the Nevada Development Authority ran a series of advertisements urging California companies to jump ship, Assemblyman Jose Solorio (D-Santa Ana) is retaliating.
“I was pretty outraged by the nastiness of their tone,” he said. [...]