Regulators OK lawyer’s bid for majority stake in First Security Bank
The third time was a charm for Jason Awad. The Las Vegas lawyer Thursday received approval from federal and state banking regulators to acquire a majority shareholder position in First Security Bank of Nevada for $14 million.
He had walked away from a buyout of 1st Commerce Bank and failed to take over Nevada Commerce Bank before the Federal Deposit Insurance Corp. seized it in April.
The existing 220 shareholders will retain an equity stake in First Security Bank although the new investors will dilute the value of their shares.
Founded in 2006, First Security Bank has $106.1 million in assets at the end of the first quarter. The bank, with one branch at 10501 W. Gowan Road, lost $50,00 in the first quarter and $937,000 for the quarter ended Dec. 31.
In a statement, Awad said he expected a "recapitalized" First Security Bank to be a "substantial economic engine" for growth in Las Vegas.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
