IN BRIEF

Federal regulators disclose action against First Asian Bank

The Federal Deposit Insurance Corp. on Friday disclosed regulatory action against First Asian Bank, but Chief Executive Officer Phillip LaChapelle said the bank has resolved the problems and satisfied the FDIC.

The order, signed April 12, dealt with issues raised for the period of March 2008 through July 2009.

"The board and management has changed significantly since that time," LaChapelle said. "We have addressed everything that's in this consent order, which has been accepted (by regulators), and continue to try to improve."

LaChapelle was appointed CEO in May, shortly before the examination. Former Nevada Gov. Robert List became board chairman about the same time. Steve Schneider and Richard "Tick" Segerblom also joined the board.

First Asian consented to the order without admitting or denying unsafe or unsound banking practices or violations of the law or regulations.

The order focuses on regulatory compliance and calls for the board to increase its oversight of compliance. The FDIC directed the board to establish a compliance committee of independent directors and senior managers and hold monthly meetings. The order requires a formal training program for employees with compliance responsibilities.

The $42 million-asset bank is well capitalized but lost $943,000 in the first quarter, up from a loss of $642,000 in the fourth quarter last year.

NEW YORK

Gasoline prices dropping as Memorial Day weekend comes

Drivers will catch a break at the gasoline pump as they head out for the Memorial Day weekend.

Gasoline prices have tumbled almost every day this month, dropping Friday to a national average of $2.749 a gallon, auto club AAA, Wright Express and Oil Price Information Service report.

A gallon of regular unleaded is 12 cents cheaper than it was a month ago, 8 cents cheaper than just a week ago.

In Las Vegas on Friday, the price of a gallon of regular, self-serve unleaded gasoline averaged $2.806, down 2.4 percent from $2.874 a week ago and down 3.7 percent from $2.915 a month ago, AAA said in its Daily Fuel Gauge Report.

The local price is up 14.9 percent from $2.443 a year ago, AAA said.

The timing couldn't be better for holiday travelers.

AAA says 1.6 million more Americans will hit the highways this weekend than last Memorial Day, but the travel club expects them to spend less than last year.

NEW YORK

Toys R Us hopes to raise
$800 million in stock offering

Toys R Us Inc. said Friday that it plans to go public again by raising as much as $800 million in an initial public offering, a bid to take advantage of its business turnaround even in a rocky IPO market.

The offering would be one of the biggest retail IPOs in years. But experts say IPOs so far this year have been disappointing, so pricing will be key.

Despite the recession dampening sales over the past year, Toys R Us has steadily improved net income under CEO Jerry Storch, the former Target Corp. vice chairman who joined the company in 2006. The year before, the company had been taken private in a $6.6 billion buyout by investors led by Bain Capital, Kohlberg Kravis Roberts and Vornado Realty Trust.

Toys R Us operates four Toys R Us toy stores and two Babies R Us baby clothing and accessory stores in Las Vegas.

GGB Las Vegas to acquire
two local radio stations

GGB Las Vegas LLC, a company formed by Beasley Broadcast Group Chairman and CEO George Beasley, said Friday it will acquire Las Vegas radio stations KOAS-FM (105.7) and KVGS-FM (107.9) from Riviera Broadcast Group for $8.5 million.

In addition, Beasley Broadcast Group, a Naples, Fla., radio station operator, will manage the stations.

In a statement, GCB Las Vegas said it expects the purchase of the stations to close in the third quarter, given Federal Communications Commission approval.

Beasley Broadcast Group owns three radio stations in Las Vegas, KCYE-FM (102.7), KKLZ-FM (96.3), and KDWN-AM (720).