Kahiji National Bank of Nevada - Reno, NV Bank Gagal - Episode 348

Freesia Brindski (0:01)

Good morning, good morning. Thank you so much for joining me. This is the podcast, The Endurance of Labor Laws. I am your lovely host, Freesia Brindisi. Today is episode 348, and we are going to take a look at another filled bank. And again, this is from the FDIC.gov website. So let's go ahead and get started on this one. Today we're going to talk about First National Bank of Nevada. This one was located out of Reno, Nevada. The acquiring financial institution was Mutual of Omaha Bank. And the First National Bank of Nevada, this one closed July 25th in 2008 So quite a ways back. But it's one of those things that I have a feeling we're going to come back to the Mutual of Omaha Bank because they tend to be, at least from what I've seen so far, they have taken over quite a few banks and at a substantial amount. And that can be a good thing, but I also want to make sure that that bank is not having problems as well. So we want to make sure that we have a good financially, I would say safe and financially sound banking system because that's very important to consumers and to the citizens of the United States of America. In terms of the background information regarding this one, let me take a look at the introduction here. And again, this is from the FDIC.gov website. It says on July 25th, 2008, First National Bank of Nevada in Reno, Nevada, was closed by the Office of the Comptroller of the Currency, OCC. Subsequently, the Federal Deposit Insurance Corporation, FDIC, was named receiver. No advance notice is given to the public when a financial institution is closed. As of June 30th, 2008, this is back in the day when this was printed, the former First National Bank of Arizona, Scottsdale, Arizona, merged with First National Bank of Nevada and is included in this action. There's kind of a combo here. That's why this one kind of took me aback a little bit, but took me aback a little bit, excuse me, because I recognize some financial problems with this going on here. It says the FDIC has assembled useful information regarding your relationship with this institution. Obviously, this is kind of a semi press release semi because it's saying your relationship with this institution. So it's assuming that people that had bank accounts with this bank are checking the FDIC.gov website. So kind of interesting there because not every time a bank fails does the FDIC address the consumer from the FDIC.gov website unless it is the actual press release. This is not the press release. This is just what the FDIC is saying happened to the bank. So this is not the official press release, but they're kind of semi making it seem like it is, but it's not, which is kind of odd for them to use that kind of wording with this goes on to say besides a checking account, you may have certificates of deposits, a car loan, a business checking account, a commercial loan, a social security direct deposit, and other relationships with the institution. I find it interesting that they include the social security direct deposit in this wording, because I kind of feel like they're trying to appeal to senior citizens and let them know that their social security checks are safe. And usually the FDIC does not say that. Usually they don't bring up social security direct deposit. And here's the thing, most elderly people, they get a check. A lot of them do not do direct deposit. So and this was back in the day. So things have changed since then. This is like what, 17 years ago. So a lot has changed since then. So what you need to remember is that back in the day when online platforms were kind of fairly new, they were not widely used by Americans. And I don't mean that negatively. It's just that when something is new, the technology is new. First of all, the federal government is the last one to figure out what's going on or to utilize better and newer technology, but also the general public. They're not always aware or confident in these online platforms. Now that's different as opposed to today. I would say these days we're very comfortable with it. And we have just kind of accepted that sometimes these companies that have online platforms or websites, whatever word you want to use, sometimes they do have data breaches, but there really should not be any data breaches if they were running things correctly. So just FYI, be aware of that. It says the FDIC has compiled the following information which should answer any of your questions. So they're making it seem like you're an idiot. So they're basically saying, here's what we know. Just read this. Please don't call us. That's kind of what it's saying here. Because the other information about other banks on the FDIC.gov's website, they did not word things like this. Like they did not address the consumer like that. It's one thing, I'm trying to think of the best way to describe this. Okay, so it's kind of like whenever you write an essay in school, whether high school, college, or maybe you're in so-called higher education, little geniuses there are not really, they're not real geniuses, they think they are, but they're not. But my point is this, whenever you are writing an essay, you are not supposed to speak in the first person. You're not supposed to use I, we, or you. There are certain pronouns that you do not use because you're not supposed to be, it's not supposed to be like a conversation. That's what kind of takes me back with this little mini information release because it's not a press release, it's not the official one, is that the FDIC is directly pinpointing this to the consumer as opposed to just making it a blanket statement. It's specifically speaking to the people that have bank accounts at this bank. I find that very interesting because like I said, for example, when you're writing an essay or let's say you're writing a research paper and you are the scientist, you don't use, I would say personal, some personal pronouns, I think they're called possessive pronouns like I, we, me, you, just more. I'm trying to think of the right way to say that. I haven't taken English classes since grade school. But I mean, there are just certain things that you don't write it that way. And so what this is doing, whoever wrote this is an idiot and a moron because you don't jump from speaking generally just to everybody to you this, you that, you don't do that. That's not appropriate for this kind of, I would say, document, which technically it's not like a PDF, but it's one of those things that they are, someone had to write this and put this on the fdic.gov website. And so to me, it's not very professional. I don't think it's very kind. And I don't think it's very genuine because it's almost like they're calling out the consumer, which is not very polite. Whereas in other times, and we've looked at several failed banks here. I mean, we're in the year 2008 now with this one.