Despite the decline in the number of credit unions, the industry is profitable and growing as membership, total lending, capital growth and savings deposits were all higher, according to the latest monthly industry survey.
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City National Corp.’s focus on wealth management helped it remain profitable and growing during the recession. The company recently completed the integration of Rochdale Investment Management.
Federal banking regulators have terminated a consent order issued in September 2010 for First Security Bank of Nevada. At the time, the Las Vegas bank was recovering from losses on real estate loans that collapsed when the recession took hold.
Wayne Tew, president of Clark County Credit Union, expects 2013 to be the first year in the last six in which the credit union’s business returns to normal.
If you want to know how physicians are preparing for the implementation of the Affordable Care Act, or the state of health care industry in Southern Nevada, don’t ask your doctor, ask her banker.
Is profitability a sign of an economic recovery? Most credit union executives in Las Vegas would cautiously say yes using their quarterly and six-month earnings to support their answer.
Credit unions first earned their tax-exempt status in 1934 with the passage of the Federal Credit Union Act. The act granted the exemption because “credit unions are mutual or cooperative organizations operated entirely by and for their members.”
Huntington Capital is a boutique private equity firm with a successful track record of funding small and midsized businesses in the Southwest, including Nevada.
When John Wilcox speaks of Las Vegas being better off economically today than it was six months ago, he is drawing on his own experience as a City National Bank executive. After running the business bank’s regional branches for four years, he was named Nevada regional executive.
Sarah Guindy has big goals for the Juris Banking division she leads at Bank of Nevada.
Nevada State Bank launched The Private Bank, a wealth management business, four years ago in the middle of an economic recession. The risky decision has paid dividends for the bank by increasing brand awareness among a high-net- worth clientele.
It might surprise some financial industry observers to know the number of undercapitalized banks stands at its lowest level in four years. But the number of problem banks remains well above the levels witnessed through 2008 and most of 2009.
It’s been a very good year for credit unions.