A branch operated by failed Community Bank in Pahrump is getting new life.
Meadows Bank, a community bank based in Las Vegas, has hired back all six former branch employees, including two who were considering jobs at Nevada State Bank.
The bank signed a new lease on the branch building and reopened for business at 3250 S. Highway 160 on Monday.
Meadows Chief Executive Arvind Menon said it was a once-in-a-lifetime opportunity to hire a complete branch team that worked well together and had developed customer relationships.
Four of the six employees had worked at the branch since Valley Bank opened the location in 2001. Community Bancorp, the holding company for the similarly named bank, later acquired Valley Bank.
Meanwhile, the branch has raised $18 million in deposits. “I’m really impressed with the group,” Menon said.
State and federal regulators closed Community Bank in August, and Nevada State operated a temporary bank for another month to give customers an opportunity to move accounts to other institutions.
The landlord was happy to lease the 4,000-square-foot branch, which has a drive-through and automated teller machines for motorists and pedestrians, Menon said.
Meadows now is the only community bank serving the community, which has a high percentage of retirees and is a good source of deposits.
The branch opened 20 accounts on Monday.
“Now, we might be flush with deposits,” Menon said, “but someday it will be the other way around.”
Contact reporter John G. Edwards at firstname.lastname@example.org or 702-383-0420.