More than 55 years ago, a group of 12 enterprising Nevada businessmen organized Nevada State Bank, and the bank continues to grow along with the state. The Nevada population was about 285,000 in 1960, and Nevada is now home to more than 2.7 million people. Nevada State Bank has grown from one office in Las Vegas to 50 branches all over the state, with assets of over $4 billion, making it not only the oldest, but also the largest, state-chartered bank in Nevada.
Nevada State Bank opened its doors on December 9, 1959 at its headquarters at Fourth and Carson streets in Las Vegas. In 1974, the bank opened its first branch office on Maryland Parkway near the city’s first mall, The Boulevard. Nevada State Bank soon blossomed into a major force in the community, from an institution with assets of $7 million in the early 1960s to more than $105 million in 1979. By the end of the decade, the bank had 225 employees working at its four branches and downtown headquarters.
Technology leapt forward in the 1980s. As Nevada State Bank celebrated its 25th anniversary in 1984, it installed automated teller machines and joined statewide networks that allowed customers to conveniently withdraw money outside of “bankers’ hours.”
The bank’s success caught the attention of Zions Bancorporation, which purchased Nevada State Bank in 1985. This acquisition presented Nevada State Bank with the best of both worlds. Instead of being absorbed by Zions, it operated as a subsidiary, keeping its name and employees and making its own local decisions, while gaining the financial backing of one of the West’s strongest banks.
Nevada State Bank blazed new trails in 1989, becoming the state’s first bank to open a branch in a supermarket.
For more than three decades, Nevada State Bank served only the Las Vegas area. In the 1990s, the bank went statewide in a big way, opening supermarket branches across northern Nevada and taking over five Wells Fargo® branches in rural communities.
The 1990s were a period of unprecedented growth. Fueled by a casino industry expansion that led to a real estate boom in Las Vegas, from 1995 to 2000 the bank’s assets rose from $400 million to $2 billion.
In 1999, Nevada State Bank merged with Pioneer Citizens Bank, which was founded in Reno in 1965. This move dramatically increased its presence in the Reno-Sparks-Carson City corridor, as well as expanding the bank’s southern Nevada footprint.
In 2001, the bank opened its Small Business Administration lending department, which has made substantial gains each year since then.
Dallas Haun took over the reins of Nevada State Bank in September of 2007. It was a challenging time to head up a bank, as the financial crisis hit in the fall of 2008. Although Nevada State Bank was affected by the Wall Street meltdown, it proved more resilient than many of its peers. Its healthy balance sheet and experienced teams enabled it to assist the Federal Deposit Insurance Corporation (FDIC) several times as the FDIC resolved difficult banking situations in Nevada. In 2008, Nevada State Bank acquired the insured deposits of Silver State Bank, and in 2009 it acquired Great Basin Bank, adding new branches in Elko County. It also helped the FDIC in the closure of Community Bank of Nevada.
As times and banking trends changed, Nevada State Bank sold its grocery store branches to focus on freestanding branches and providing comprehensive services to clients. Convenience-driven clients were banking online, where they could process their banking needs 24 hours a day, seven days a week.
The world of banking has continued to change and evolve. ATMs have been joined by online banking and apps for mobile devices. People receive correspondence via email instead of postal service, and the world of social media has become the new “water cooler” chat. With 18,000 followers on Facebook®, a mobile banking app and Remote DepositsTM, Nevada State Bank has continued to evolve its banking features and products to best serve their clients’ needs.
So whether you would like to stop by a branch and have a face to face conversation about your finances, make a quick call to your Professional Banker, or just log in between meetings, Nevada State Bank is here for you, and we hope to continue serving Nevadans for the next 55 years.
The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice.
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