Business Bank of Nevada Tops $150 Million in Total Assets.

Business Editors

LAS VEGAS--(BUSINESS WIRE)--Sept. 7, 2000

Business Bank of Nevada today announced that at the end of last week it had reached another milestone in its brief five-year history by surpassing the $150 million mark in total assets. In July, the bank reached its first major milestone by topping the $100 million mark in total outstanding loans.

In the last two years, Business Bank has averaged a 34 percent increase in its asset growth year over year. As of Dec. 31, 1999, the bank's total assets were nearly $128 million compared to just over $108 million as of Dec. 31, 1998. The bank's total assets as of Aug. 31, 2000 were just over $155 million.

"We couldn't be more pleased with our most recent accomplishment of topping the $150 million mark in total assets," said John Guedry, president and CEO of Business Bank of Nevada. "Our asset growth reaffirms the commitment we have to growing the bank in a prudent and responsible manner, while at the same time helping business clients meet their banking and financing needs."

Guedry added that the success of Business Bank is a direct result of having some of the most talented and qualified staff the banking industry has to offer, and the strong support of the business community in both the Las Vegas and Carson City markets.

Over the last several months, the bank has hired new management and staff to help reshape and reposition the bank as the premier community business bank that primarily caters to small and medium size businesses. In February of this year, Guedry took over as president and CEO, which was followed by the hiring of Larry Charlton in March as chief financial and operating officer of the bank. The bank then hired Mark Phillips in April as the new chief credit officer, who was followed by a number of other appointments of key positions and personnel.

According to Guedry, the bank anticipates closing out the year at more than $175 million in total assets, which would reflect a 37 percent increase in total assets from last year. The bank expects to grow its total assets to over $210 million by the end of next year and to more than $252 million by the end of 2002.

"Our strong economy, along with our experienced staff, should allow us to enjoy sustained growth over the next several years in all areas of the bank, including total assets, total outstanding loans and total deposits," Guedry added. "On-going mergers and acquisitions of the larger banks will also create a lot of opportunities for us to grow our market share."

Business Bank of Nevada, with total assets over $155 million, is in its fifth year of operation and is one of the fastest-growing independent commercial 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 a member of the Federal Reserve Bank of San Francisco and is listed over the counter (OTC) at ticker symbol BBNV.