Business Bank of Nevada Introduces Vault Services Through Loomis, Fargo & Co., and Is the First Nevada Bank to Offer This Service Through a Third-Party Vendor.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--Oct. 4, 2000

Business Bank of Nevada has taken another step toward leveling the playing field with larger banks by introducing its Vault Services business through Loomis, Fargo & Co., one of the largest armored transport companies in the country.

The bank today announced that it has entered into a partnership with Loomis, Fargo to be the first financial institution in Nevada to offer its clients complete Vault Services through a third-party vendor agreement.

The type of Vault Services provided to Business Bank and its clients through Loomis, Fargo includes armored transport services to and from its branches and its clients' businesses, as well as the Federal Reserve Bank in Los Angeles. The agreement with Loomis, Fargo also provides the bank and its clients with daily courier service, commercial deposit pick-ups and deliveries, and central vault teller services.

"We're excited about our partnership with Loomis, Fargo and the capabilities we now have to better service our existing business customers and attract new customers from larger financial institutions," said Larry Charlton, executive vice president and CFO/COO of Business Bank of Nevada. "Loomis, Fargo is a highly regarded and experienced company that can transport and handle both the bank's and its customers' cash needs in a safe and secure environment that is fully insured."

Charlton added that by partnering with Loomis, Fargo to handle its Vault Services business, the bank saved a great deal of money by not having to build its own central vault and invest in personnel, equipment and other resources that smaller banks typically cannot afford.

"We now have the same ability as larger banks to service cash-intensive businesses such as fast-food restaurants and other types of retail outlets, but without the internal costs and overhead. This new service also allows us to deepen the relationship we have with our existing customer base," Charlton said.

When it comes to building and operating a bank's central vault, Charlton is perhaps one of the most experienced individuals in Nevada. He ran Valley Bank of Nevada's central vault services for both Reno and Las Vegas for 15 years. Prior to joining Business Bank in March of this year, Charlton managed Bank of America's Consumer Bank Cash Control area for the entire bank, which included 4,800 banking centers and $2 billion in physical cash. He also ran all of the Vault and Proof Services for BofA in Texas, New Mexico, Arizona and Nevada.

"We are very pleased that Business Bank chose Loomis, Fargo to be their third-party vendor for its vault services business," said Eric Stoutenburgh, director of Marketing and Financial Services of Loomis, Fargo & Co. "We look forward to working with Business Bank and its growing list of business customers by taking care of both the bank's and its customers' cash-handling needs. Business Bank management is to be applauded for its decision to partner with a company that has the experience and expertise to help the bank and its customers become more successful."

Loomis, Fargo & Co. started in 1852 when Wells Fargo stage coach drivers and Pony Express riders helped build the West as well as the Alaska gold-rush era. Each year, Loomis, Fargo is responsible for the safe and secure transportation of trillions of dollars in coin, currency and other valuables. The company specializes in Armored Car Services, ATM Services, and Cash Vault and Storage Services.

Business Bank of Nevada is in its fifth year of operation and is one of the fastest-growing independent banks in the state. The bank has four branch offices in Nevada, with three in the Las Vegas area and one in Carson City. The bank has plans to open additional offices statewide in the near future. Business Bank is FDIC Insured and is a member of the Federal Reserve Bank of San Francisco, and is listed over the counter (OTC) at ticker symbol "BBNV."