Mutual of Omaha has stepped in to take over two failed banks, the First National Bank of Nevada and the First Heritage Bank N.A., both owned by Scottsdale, Arizona-based First National Bank Holding Co.

Federal regulators closed both on Friday.

The FDIC says the takeover by Mutual of Omaha is the least costly resolution and that no bank customers will lose any of their deposited money. The failed bank branches will reopen on Monday as Mutual of Omaha bank branches.

Chairman and CEO of Mutual of Omaha Bank Jeff Schmid said the acquisition of the new accounts aligns with the company's growth strategy to get aggressive with banking.

"We're very optimistic about these markets," said Schmid, who was in Scottsdale on Saturday to speak with his new employees. "This could be our finest hour."

Mutual of Omaha Bank has $800 million in assets and operates 14 retail branches in Nebraska and Colorado. It's a subsidiary of Mutual of Omaha, the 99-year-old insurance and financial services company with more than $19 billion in total assets.

First National has 10 branches in Nevada and 15 branches in Arizona. First Heritage N.A. has three branches in southern California.