The financial meltdown continues as US regulators took over two banks on Friday and sold them to Mutual of Omaha Bank
Marla Guthrie
Jul. 26, 2008

The banking and financial meldown is accelerating. But the US Federal Reserve and the Administration are ready to fight the collpase in the financial system with liquidity and outright intervention. They are also using helping healthier financial institutions to take over failing ones.

Sixteen days after the Federal Deposit Insurance Corp seized IndyMac, the Office of the Comptroller of the Currency said it closed First National Bank of Nevada and First Heritage Bank NA of California.

The Federal Regulators are trying to bring calm an order in a panicking economy where run on the banks are common right now. Bith the regional banks were reeling from lack of loan loss reserves needed to cover absolutely high risk loans. The Government will also investigate if these banks broke the laws of lending.

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