Meadows Bank receives $8.5 million from loan program
Meadows Bank has received $8.5 million under the U.S. Treasury Department's Small Business Lending Fund program, the Las Vegas-based bank announced Thursday.
The financial boost will increase the bank's capital to over $47.5 million, resulting in a Tier 1 capital-to-assets ratio of 19.5 percent, well above the required minimum of 5 percent to be considered a well-capitalized bank.
The $30 billion fund was including in the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing capital to qualified community banks with less assets of less than $10 billion.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
