Bank of Las Vegas will jump to the No. 3 in assets of community banks in Southern Nevada on Feb. 1.
On that date, four independent banks will be rolled into one under the name Bank of Las Vegas, which will have assets exceeding $500 million.
That makes the new Bank of Las Vegas the third-largest community bank in Southern Nevada, behind $4.4 billion-asset Nevada State Bank and $2.9 billion-asset Bank of Nevada. Sun West Bank will drop to fourth on the list, based on the $389.6 million in assets last reported to federal regulators.
Capitol Bancorp, the Lansing, Mich.-based holding company for Bank of Las Vegas, will combine the bank with Black Mountain Community Bank, Desert Community Bank and Red Rock Community Bank. Capitol owns all four institutions. It also owns 1st Commerce Bank, but it was intending to sell that bank to Western Liberty Bancorp when it applied to regulators for permission to consolidate the four banks. The sale of 1st Commerce Bank has since been terminated.
The holding company decided to proceed without 1st Commerce rather than delay regulatory approval for combining the other four banks, said Jim Howard, president of Desert Community Bank and soon to be chief operating officer of the consolidated bank.
Capitol Bancorp combined the four banks for several reasons.
“On a combined basis, we are a much stronger institution than we were on an individual basis,” Howard said. When the economy improves, the consolidated bank will be in a better position to grow, he added.
Customers will be able to do transactions at all four locations. The home of Black Mountain Community Bank, 1700 W. Horizon Ridge Parkway, will become headquarters for the consolidated banks. The other three locations will be branches of the same bank.
Capitol Bancorp has reduced eight positions, including several back-office jobs, bringing the staff to 88. The holding company will bear the expense of one board of directors rather than four boards.
“We will create efficiencies and strengthen risk management practices, allowing Capitol Bancorp to more efficiently allocate capital and resources within the banks’ communities,” Joseph Reid, Capitol Bancorp chairman and chief executive officer, said in a statement.
Regional president of Capitol Bancorp, Thomas Mangione, will be CEO and chairman of Bank of Las Vegas. Pete Atkinson, president of Black Mountain Community Bank, will become president and vice chairman of Bank of Las Vegas. Howard will be COO and community president for East Las Vegas. Vincent Ciminise, formerly president of Bank of Las Vegas, will be president for South Las Vegas.
Board members of the combined bank will include Rick Colvin, Don Hamrick, Phillip Hardy, Phillip Ralston, Fredrick Waid, Robert Andrews, Darlene Copsey, Molly Hamrick, Richard Hollander, Michael Mixer and Christopher Samson.
Contact reporter John G. Edwards at email@example.com or 702-383-0420.