July 25, 2008 (LPAC)--The Office of the Comptroller of the Currency (OCC) announced tonight that it had closed two banks, the First National Bank of Nevada, of Reno, and the First Heritage Bank of Newport Beach, California. The FDIC has been appointed receiver for both banks. FNB Nevada had $3.4 billion in assets, and the OCC said the "bank was undercapitalized and had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices." First Heritage, an affiliate of the Nevada bank, had $250 million in assets and was "critically undercapitalized," the OCC said. They were the sixth and seventh bank failures of the year in the U.S.

The U.S. government must immediately take the bankrupt banks into receivership for reorganization. Go with LaRouche's solutions, or go to Hell.