First Security Bank of Nevada sees first profit since founding

First Security Bank of Nevada on Monday reported a net profit of $233,000 for the last five months of 2011.

Jason Awad and several other local investors acquired the bank, which has one branch at 10501 W. Gowan Road in Las Vegas, in August and recapitalized it with a $14 million investment.

For the first six months of 2011, First Security reported a loss of $7.7 million.

Awad said First Security was "healthy" and has been actively lending in the fourth quarter. He said he expects the community bank to approve about $15 million in new loans in the first quarter of 2012.

As of Dec. 31, First Security reported total assets of $102.3 million. Awad said the bank, founded in 2006, had "never turned a profit" until the last five months of 2011.

He also expressed optimism about the Southern Nevada economy. "I felt the economy started its recovery early (last year)," he said. "I feel 2012 is going to be a very good year for us.