Nevada State Bank confirmed Friday that it is negotiating the sale of grocery store branches to U.S. Bank, but CEO Dallas Haun said a report that the deal was closed was incorrect.
"That’s not true," Haun said. "We’ve been in conversations. We haven’t made a deal."
Nevada State Bank has 35 branches located in Smith’s Food and Drug Stores in Nevada that U.S. Bank is interested in buying, according to a source.
The largest traditional commercial bank based in Nevada, Nevada State has 72 branches, according to the Federal Deposit Insurance Corp.
Nevada State has $3.8 billion in assets, exceeding that of Bank of Nevada which has $3.1 billion in assets. Nevada State is a subsidiary of Zions Bancorporation.
Regional banks such as Bank of America and Wells Fargo Bank have more deposits in Nevada but they are not based in Nevada.
U.S. Bank spokeswoman Teri Charest had no immediate comment about purchasing the grocery store branches and didn’t return a follow-up call. A spokeswoman for Smith’s didn’t return a call for comment Friday.
Contact reporter John G. Edwards at email@example.com or 702-383-0420.