Meadows Bank reports rise in profits for 2016

Meadows Bank posted a boost in profits last year and higher loan totals.

The Las Vegas-based lender said on Wednesday that its net income grew 7 percent in 2016, to $8.9 million, and that its loan portfolio stood at $574.9 million by Dec. 31, up 24 percent from a year earlier.

Overall, the bank had $656.5 million in assets by year’s end, up 24 percent from the end of 2015.

Meadows, led by President and CEO Arvind Menon, has branches in Pahrump, Henderson, Reno and Phoenix.