The owner of the failed Nevada Commerce Bank in Las Vegas filed for Chapter 7 bankruptcy liquidation today.
In its filing in U.S. Bankruptcy Court for Nevada, NCB Financial listed assets of about $394,000 against liabilities of $6.573 million.
The main creditor is Wilmington Trust Co., trustee for holders of $6.57 million in "preferred trust shares," which are investments that have both debt and equity characteristics.
Hit hard by bad loans during the recession, Nevada Commerce Bank lost $5.4 million in 2010 and was shut down April 8 due to inadequate capital and continuing losses.
City National Bank took over most of the failed bank’s loans and other assets.