Following a bonanza $17 billion settlement agreed by Bank of America Corp. this week, Nevada will receive exactly this much of it in cash: Zero. But state officials say that doesn’t mean the Silver State will go home empty-handed.
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For marijuana dispensaries lining up to do business in Southern Nevada, paying your employees in cash is difficult and comes with lots of complications. But, financial institutions will not do business with marijuana firms, even in states where it has been approved.
While tax-exempt, high-yield municipal bonds were all the rage after 2008’s economic collapse, they have since lost some of their appeal for investors. Some bond indexes reported their worst performances since 1994.
Credit union loan growth in Nevada is in positive territory for the first time since 2007, posting a 0.6 percent increase, according to a report released Friday.
Federal regulators have terminated a consent order issued in January 2011 for Bank of George. At the time, the Las Vegas-based bank was dealing with loan losses resulting from commercial real estate loans that soured during the recession.
While there are risks to the economy locally and nationally, the fundamentals behind the recovery are good and have improved tremendously over the last few years, according to an economist with Beacon Economics.
Nevada’s locally chartered banks had the highest loan growth rate in the eight-state Rocky Mountain region in 2013, a report by the Hovde Group, a consulting firm, shows.
Zappos’ former Henderson headquarters welcomed Nevada’s governor, local economic officials and politicians as it rolled out the red carpet Thursday for a British banking company that expects to hire hundreds of employees this year.
Barclaycard U.S., the payments business of Barclays, will open a new customer service center Thursday in Henderson.
Talmer Bancorp Inc., parent company of Bank of Las Vegas, priced its initial public offering of common shares between $12.50 and $14.40. The price values the company at up to $1 billion.
Meadows Bank on Monday attributed its profitable 2013 to Nevada’s improving economy as the community bank benefits financially from its focus on Small Business Administration loans as well as other financial services.
First Security Bank of Nevada on Thursday cited double-digit loan growth last year as one of the reasons for breaking the $1 million mark in net earnings for 2013. The Las Vegas-based business bank said net income last year was $1.01 million, up from $420,000 in 2012.
Nevada State Bank on Wednesday reported net income for 2013 of $18.8 million, a 14 percent decline from the $21.8 million it reported for 2012. The Las Vegas-based bank also posted fourth quarter earning of $2.1 million, compared with $4.5 million last year.
Zions Bancorp, parent of Nevada State Bank, Monday on reported a fourth-quarter loss of $59.4 million, or 32 cents per share, compared to a profit of $35.61 million, or 19 cents per share, in the same period last year.
Silver State Schools Credit Union on Monday reported its seventh consecutive quarterly profit, as consistent results helped the Las Vegas-based credit union turn a corner and post its first profitable year in three years.
Two of Southern Nevada’s largest regional banks reported earnings increases for 2013, while a third financial institution expects to report a quarterly loss Monday because of fallout from the Volcker Rule.
Washington Federal Inc.’s acquisition of 23 Bank of America branches in Nevada and Arizona is the Seattle-based bank’s second deal with the nation’s second largest-bank in the last six months.
Plaza Bank on Thursday posted a profitable fourth-quarter and 2013 as the regional bank continues to grow its loan, noninterest checking and money market accounts business in Southern Nevada.
The Clark County Credit Union in Las Vegas on Thursday reported $9.2 million in net income in 2013, an increase of 26 percent, compared with net income of $7.3 million the previous year.
The Target data breach has already cost credit unions in Nevada $89,760 in card reissuance and other expenses, according to figures released Wednesday by the Nevada and California Credit Union Leagues.
Citigroup Inc. is eliminating the last 220 jobs at its sprawling campus at the Lakes in Las Vegas, a spokeswoman for the financial services firm confirmed Tuesday. About 60 employees will work from home, Janis Tarter, a Citi spokeswoman, said.
Nevada small-businesses owners are more optimistic about the local economy than the national economy, a Nevada State Bank survey shows.
One Nevada Credit Union on Wednesday reported its second consecutive profitable year, as the state’s largest credit union continued to strengthen its balance sheet despite a sluggish economy.