SWNB Bancorp Inc. will sell the deposits and branch of Las Vegas-based Nevada National Bank, according to the Houston Business Journal.
The sale application to a third party is currently pending with Texas banking regulators. The deal is expected to close by the end of summer.
Nevada National is chartered in Texas. Texas banking regulators and Gary Owens, CEO of SWNB Bancorp, were unavailable for comment Friday.
SWNB Bancorp will retain ownership of Nevada National’s sister bank, Southwestern National Bank in Houston. The two financial institutions residing in different states have been operating under a single charter since passage of the Dodd-Frank Act in 2010.
Nevada National Bank, which operates one branch at 6110 W. Spring Mountain Road, has assets of $44.25 million. The bank reported a net loss of $398,000 in 2012, according to its annual report filed with federal banking regulators.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893. Follow @sierotyfeatures on Twitter.