Business Bank of Nevada Becomes Federal Reserve Bank Member.LAS VEGAS--(BUSINESS WIRE)--Dec. 15, 1999-- Business Bank of Nevada (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :BBNV) announced today it became a member of the Federal Reserve Bank of San Francisco The Federal Reserve Bank of San Francisco is the federal bank for the twelfth district in the United States. The twelfth district is made up of nine western states—Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, effective November 24, 1999. "This action will result in considerable cost savings and greater efficiencies for our subscribers and customers," said Al Alvarez, the bank's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The bank will remain a State-Chartered Bank and will continue to be fully insured by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . "As the Federal Reserve Bank (FRB See Federal Reserve Board. ) already regulates Business Bank Corporation, which is the holding company for Business Bank of Nevada, this eliminates the need for the bank to have two different regulators." The Federal Reserve System serves as the nation's central bank. The System consists of twelve Federal Reserve Districts located in major cities throughout the United States. The Federal Reserve Bank of San Francisco represents District 12, which, besides California, includes Oregon, Washington, Idaho, Utah, Nevada, Arizona, Alaska and Hawaii. "Being a member of the Federal Reserve Banking System provides our customers with the security that the bank has passed the highest level of regulatory review and thereby fulfills all of the requirements of a state-chartered bank in the Federal Reserve System," said Alvarez. Alvarez further advised that both the Federal Reserve Bank of San Francisco and the State of Nevada Financial Institutions Division have approved Business Bank of Nevada's application to open a branch office in Carson City, Nevada The Consolidated Municipality of Carson City is the capital of the State of Nevada. A 2006 population estimate places its population at 57,701[1]. Carson City is now an independent city and is its own Metropolitan Statistical Area. . Business Bank of Nevada is an independent community bank with an emphasis on personalized service and products, such as its 24-hour automated telephone banking system and the expansion of its Business Express Courier service, which is available to business customers for transporting non-cash deposits and documentation for loans, deposit accounts and its merchant services. Business Bank currently operates four branches, three in the Las Vegas market and one in Northern Nevada. Statements in this release which express "belief," "intention," "expectation" or "prospects," as well as other statements which are not historical fact, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and involve certain risks and uncertainties. |
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