Profit at Meadows Bank more than doubles


Meadows Bank announced second-quarter earnings Tuesday, reporting a net income of $1.1 million, up $343,000 from the previous year.

For the first half of 2012, the Las Vegas-based bank pulled in a $2.4 million net income, outperforming last year’s numbers by 115 percent.

The positive results reflect an improving economy and “significant momentum” in both conventional and small business banking, according to Arvind Menon, the bank’s president and CEO.

As of June 30, the bank had issued $340 million in loans, up $45 million from March, with total assets standing at $456 million.

“Our investment in our employees and facilities has allowed us to meet the growing demand for loans and other banking products and services in the communities we serve,” Menon said in a statement.

 

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