While Southern Nevada banks are struggling with a growing number of problem real estate loans — there have been two bank closures this year — organizers of Metropolitan Bancorp are undeterred.
They are seeking to raise $25 million from investors and plan to open in December at 6720 Via Austi Parkway, south of McCarran International Airport. The organizers set a $25,000 minimum for investors.
Reed Van Boerum, the designated president for the bank holding company, figures his team can pick up customers from existing community banks which are too focused on problem loans to serve clients well.
Van Boerum was senior vice president of lending at Town and Country Bank and past president of the Mortgage Bankers Association of Nevada.
Mark Mediate, who also worked as senior vice president of lending at Town and Country, is co-founder with Van Boerum and would be executive vice president and chief lending officer.
Greyton Becker Jr. has been selected as chief financial officer.
Metropolitan Bank would be a full-service bank focusing on small- and medium-size businesses but with a variety of products for consumers as well. It would make construction loans, Small Business Administration loans and would originate Federal Housing Administration home loans in the $150,000 to $600,000 range.
“We want to be diversified in our sources of income,” Van Boerum said.
The bank would operate as a savings bank with a national charter.
The national charter “allows us to branch in any other state without restrictions,” Van Boerum said.
After establishing the bank in Nevada, the CEO would like to open branches in neighboring states, such as Arizona, California, Utah and Idaho.
Van Boerum hopes to make a public stock offering in five years and to use the proceeds to expand nationally.
Ronald Shettlesworth, current CEO of $57 million-asset Main Bank in Albuquerque, N.M., is board chairman.
Other directors include Edwin Skonicki, past president of the Nevada Bankers Association; veterinarian David Drake; Karen Marshall, business development director of Roel Construction Co.; Van Boerum; and Mediate.
Contact reporter John G. Edwards at firstname.lastname@example.org or 702-383-0420.