Meadows Bank has announced it has obtained approvals from the Federal Deposit Insurance Corp. and the Nevada Financial Institutions Division to open its second branch in Reno.
The new branch, which is expected to open in the fourth quarter, will occupy 4,795 square feet at 50 W. Liberty St. in downtown Reno at a location previously occupied by Bank of America.
“Reno is leading the economic recovery in Nevada and there is renewed optimism about growth and prosperity among businesses and consumers in Northern Nevada,” Arvind Menon, president and CEO of the bank, said in a statement. “As a full service community bank focused on businesses and with our uncompromising customer service, we hope to be a partner in the continued growth and success of our customers and friends.”
Separately, the Bank announced that it posted net income after tax of $1.96 million in the first quarter of 2016, a 22 percent increase over its earnings during the same period in 2015.
At March 31, the bank’s loan portfolio of $495.6 million was up by $29.5 million from Dec. 31. Total deposits grew by $27.2 million from the prior quarter end and stood at $484.7 million. Also at March 31, total assets stood at $559.6 million and the bank had total equity of $63.8 million.