Cactus Commerce Bank Names Jim E. Nelson as Executive Vice President, Chief Credit Officer and Board Member.Phoenix Commercial Banking Veteran Will Focus on Business Community GLENDALE, Ariz. -- Cactus Commerce Bank, a wholly-owned subsidiary of Community Bancorp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CBON), has announced that Jim E. Nelson has been hired as executive vice president, chief credit officer and appointed a member of the bank's board of directors. Nelson has more than 24 years of experience in lending and banking administration, most of that time in the Phoenix area. He will oversee the bank's business-lending activities and policies. "Cactus Commerce understands the commercial lending needs of small- to medium-sized businesses and combines that with the best qualities of a community bank: personal service and attention to detail," said Nelson. "I'm going to build on that foundation with my knowledge of the Phoenix business community and strong personal relationships with its leaders." Most recently, Nelson was executive vice president and chief credit officer with Pinnacle Bank in Scottsdale, where he established systems and processes for portfolio administration, underwriting and booking. Before that, he was senior vice president and chief credit officer with First Federal Bank in Roswell, N.M. Among other responsibilities, he implemented and oversaw credit policy for the thrift institution Thrift institution An organization formed as a depository for primarily consumer savings. Savings and loan associations and savings banks are thrift institutions. , which managed $350 million in assets. Previously, he helped establish Compass Bank in the Phoenix commercial and residential homebuilding markets, growing the business from zero in 1999 to more than $150 million by 2003. He also held senior management positions with Norwest Bank of Arizona, American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Tax and Business Services, Inc., Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank, First Interstate Bank of Arizona, Chase Bank of Arizona and Valley National Bank. "Jim will be a great asset to the bank," said Gerald B. Ernst, president and chief executive officer of Cactus Commerce. "His commercial lending savvy, management ability and ties to the Phoenix business community are second to none. Moreover, the board of directors will benefit greatly from the wisdom he has gained through industry experience that dates back to the early eighties in Phoenix." Nelson, who lives in Fountain Hills with his wife, Carolyn, and three children, received his BS degree (with a major in finance) from Arizona State University Arizona State University, at Tempe; coeducational; opened 1886 as a normal school, became 1925 Tempe State Teachers College, renamed 1945 Arizona State College at Tempe. Its present name was adopted in 1958. in 1979. About Cactus Commerce Bank Cactus Commerce Bank is a community-based bank with an office in Glendale, Ariz. It primarily serves small business and professional customers in a highly responsive manner, providing commercial banking services, including real estate, construction, commercial loans and SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loans, to small- and medium-sized businesses. Cactus Commerce Bank of Arizona and Community Bank of Nevada are wholly-owned subsidiaries of Community Bancorp. About Community Bancorp Community Bancorp is a bank holding company headquartered in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nev., with two bank subsidiaries. Through Community Bank of Nevada's current 14 full-service banking offices in Nevada, two loan production offices located in Phoenix and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , and the recently acquired Cactus Commerce Bank in Arizona, it provides commercial banking services, including real estate, construction and commercial loans and SBA loans to small- and medium-sized businesses. For more information about Community Bancorp, visit its website at www.communitybanknv.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, balance sheet management, the economic condition of the markets in Las Vegas, Nev., or Phoenix, Ariz., net interest margin, loan quality, the ability to control costs and expenses, interest rate changes and financial policies of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. government, and general economic conditions. Additional information on these and other factors that could affect financial results are included in our Securities and Exchange Commission filings. When used in this release, the words or phrases such as "will likely result in," "management expects that," "will continue," "is anticipated," "estimate "projected," or similar expressions are intended to identify "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 (PSLRA PSLRA Private Securities Litigation Reform Act PSLRA Public Service Labour Relations Act (Canada) ). Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Community Bancorp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. This statement is included for the express purpose of protecting Community Bancorp under PSLRA's safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions. |
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