Meadows Banks receives approval to open Reno branch

Las Vegas-based Meadows Bank has regulatory approval to open a full-service branch in Reno, the community bank announced Friday.

The community bank, which focuses on Small Business Administration 7(a) and 504 loan programs, has plans for branches in Henderson and downtown Las Vegas.

Dennis Williams, president of the Reno branch, will oversee the location and all banking activities in Northern Nevada. The branch, which received approval to operate from the Federal Deposit Insurance Corp. and the state's Financial Institutions Division, is expected to open by mid-October.

"We are first and foremost a community bank, and we are excited to have the opportunity to open a branch in Reno," Williams said. The company did not disclose the costs associated with opening a new branch.

Meadows Bank had been operating a loan production office since May in Reno, while waiting for regulatory approval to operate a full-service branch. Williams previously was Northern Nevada region market president for Mutual of Omaha Bank.

Arvind Menon, president and CEO of Meadows Banks, said to "truly be considered a Nevada bank, we needed to be up north as well." He said Reno has been "part of our strategy from Day One."

Menon expects the bank's Henderson branch to open by the second week of October. Meanwhile, plans for a downtown Las Vegas branch have been pushed back. Two new branches "will keep us pretty busy."

The bank has applied for FDIC approval to open a full-service branch in downtown Las Vegas. Meadows Bank expects to have four or five branches in Nevada.

Meadows Bank reported net income of $1.19 million for the first six months of the year, a decline from the $1.49 million for the same period in 2011. Net income for the first six months was affected by a $608,000 tax payment.

Meadows Bank has $273.6 million in assets. The bank, which was founded in March 2008, has been profitable since 2010, the company said.

The Reno branch will join the roster of branches in Las Vegas and Pahrump and loan production offices in Salt Lake City, Phoenix, Denver and Sacramento, Calif.

Contact reporter Chris Sieroty at csieroty
@reviewjournal.com or 702-477-3893.