Federal regulators close Oregon failing bank Friday

Silver Falls Bank the 14th U.S. failed bank in 2009 closed Friday.

San Francisco, CA (JusticeNewsFlash.com)–Reuters reported on Saturday the 14th bank in the United States was closed in Silverton, Oregon by federal regulators on Friday. Bank regulators cite the economic fallout and plummeting housing prices have taking their toll on financial institutions across the country leading to 14 American bank closures within the first two months of 2009.

The Federal Deposit Insurance Corp (FDIC) says the Citizens Bank of Corvallis, Oregon agreed to buy close to $13 million in assets comprised of cash, securities, overdraft loans, deposit secured loans and cash equivalents. The failure of Silver Falls Bank will cost the FDIC deposit insurance fund $50 million according to federal banking regulators. Citizens Bank will assume all deposits of the failed bank and reopen for regular banking business in all three branches on Monday as Citizens Bank.

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Heather L. Ryan, R.N., C.L.N.C- Heather Ryan is a Certified Legal Nurse Consultant with 15 years of experience in the health care industry. Her expertise in reviewing medical records and assisting lawyers with the determination as to whether legal action should be taken provides an invaluable asset to the newsroom. Medical-malpractice, products liability, personal injury and workers’ compensation are some of the recent areas of litigation Ms. Ryan has focused her efforts on. A member of the Florida Justice Association, Heather maintains a long list of certifications and credentials to support her areas of expertise and stays up-to-date with her clinical knowledge working as an emergency room/trauma nurse, at a Level 1, Adult/Pediatric trauma and teaching institution in South Florida.