Las Vegas’ First Asian Bank seeks possible mergers, additional capital

First Asian Bank, the first bank in Las Vegas to focus on serving businesspeople of Asian descent, on Wednesday said it hired a broker-dealer to look into potential mergers and possible sources of additional capital as a way of enhancing shareholder value.

The bank engaged ParaCap Group, a broker dealer in Mayfield, Ohio, to help it explore opportunities to maximize shareholder value.

First Asian Chief Executive Phil LaChapelle said it would consider merger and infusion of capital. While the bank has resolved many of its problem loans, he said it needs to be bigger to compete effectively when the economy turns around.

"Our capital position is small, like the bank," he said. First Asian reported 14.9 percent in so-called risk-based capital, which makes it well-capitalized.

It lost $1.6 million in the first half of the year, but 13 other community banks in Southern Nevada also lost money during the first half of 2010. It has $39 million in assets.

The bank opened in 2007, but its board became polarized. Former Nevada Gov. Robert List joined the board as chairman, and LaChapelle was appointed chief executive.