Nevada State Bank

Nevada State Bank
Nevada State Bank
Type Subsidiary
Industry Finance
Founded 1959
Headquarters Las Vegas, Nevada, USA
Key people Dallas Haun, Chairman and CEO
Products Checking accounts, savings accounts, loans, credit cards, mortgages, online banking, private banking, SBA and other business loans
Employees 850
Parent Zions Bancorporation

Nevada State Bank is the oldest and largest state-chartered commercial bank in Nevada with assets of more than $4.1 billion. Established in Las Vegas in 1959, Nevada State Bank now has more than 50 branches in 20 communities across the state, and employs more than 850 people. It offers a complete range of consumer, business and private banking services. It is a subsidiary of Salt Lake City-based Zions Bancorporation (Nasdaq: ZION), with affiliates in 10 Western states and assets of more than $51 billion (year-end 2010).[1]



Nevada State Bank first opened its doors for business on December 9, 1959, making it the oldest state-chartered community bank in Nevada. The bank was organized by a group of 12 business owners, with Charles Lee Horsey Jr. serving as President. The organizing group sold 24,000 shares of stock to local people at $31.25 per share. This gave them $600,000 to put into capital and $150,000 for surplus and reserves. The bank received its official state charter on January 5, 1960. It operated out of one location in downtown Las Vegas until 1974, when it opened its first satellite branch.[2]

1968 - Reddi Reserve account introduced, giving customers the ability to use a line of credit to cover overdrafts in their checking accounts.

1983 - Eight Docutel Automatic Teller Machines (ATMs) are purchased and installed. The “NSB Money Machine” card is introduced to customers.

1984 - The bank celebrates its Silver Anniversary with a total of five branches and 269 employees.

1985 - Nevada State Bank is purchased by Zions Bancorporation and has operated as an autonomous subsidiary since then.

1989 - Nevada State Bank opens the first supermarket bank branch in the state of Nevada.

July 1997 - It acquires five branches in rural Nevada towns: Eureka, Fernley, Tonopah, Lovelock and Wells.

October 1997 - Nevada State Bank purchases Sun State Bank, giving it three new branches in Southern Nevada.

1998 - Nevada State Bank introduces telephone, online and PC banking, offering clients the ability to bank 24 hours a day, seven days a week.

1999 - Nevada State Bank merges with Pioneer Citizens Bank of Nevada, founded in Reno in 1965. This adds six Northern Nevada branches and six Southern Nevada branches, effectively doubling the size of the bank.

2001 - The bank partners with Ruby Thomas Elementary School, an at-risk Las Vegas-area school. Employees volunteer to help students with schoolwork and raise funds for the school.

2002 - Nevada State Bank introduces Internet bill pay, one of the first banks in the country to offer this service free of charge to non-business clients.

2004 - The bank introduces Reddi-Check, a service that creates images of cleared checks. Clients gain the ability to view images of cleared checks and deposit slips online.

2005 - Nevada State Bank is the first bank in the state to offer Remote Deposits™, enabling companies to scan checks electronically, from anywhere at any time, instead of going to the bank.

January 2006 - The Nevada quarter is launched in a special ceremony on the steps of the Nevada Capitol, as part of the U.S. Mint’s 50 State Quarters Program. Nevada State Bank is the first bank to offer the quarter to the general public as the official “Bank of the Nevada Quarter Launch.”

September 2008 - Nevada State Bank is selected by the Federal Deposit Insurance Corporation (FDIC) to assume the insured deposits of Silver State Bank.[3]

April 2009 - Nevada State Bank acquires the banking operations of Great Basin Bank of Nevada in a transaction facilitated by the FDIC.[4]

August 2009 - Nevada State Bank is chosen to assist the FDIC by acting as Payout Agent in the resolution of Community Bank of Nevada, which was closed by the Nevada Financial Institutions Division.[5]

December 9, 2009 - Nevada State Bank celebrates its 50th anniversary.

Products and services

Nevada State Bank is organized into five lines of business, each one serving a different client segment.

The retail line serves individual consumers and micro-businesses, through more than 50 branches in 20 communities throughout Nevada. It also operates an online banking platform that enables clients to bank from any location with Internet access. The retail line offers a full range of financial services products, including checking and savings accounts, loans and lines of credit, credit cards, and home loans.

Small business banking offers a full range of business services to small business owners and entrepreneurs, including cash management, Small Business Administration (SBA) loans and account analysis.

Corporate banking serves larger business clients with customized banking, special financial services packages and relationship managers who act as liaisons between the client and the bank.

The real estate line provides residential and commercial construction loans and term loans of all sizes.

Executive banking is designed for clients who have attained a significant level of wealth. Executive banking clients are assigned a dedicated relationship manager to assist them with their banking needs.

The Private Bank by Nevada State Bank is an unincorporated division of Nevada State Bank that provides specialized banking services to significant net-worth clients. Nevada State Bank also offers wealth management services through Contango Capital Advisors, Inc., which operates in Nevada as Nevada State Investment Services. Contango Capital Advisors is a registered investment adviser and a nonbank affiliate of Nevada State Bank and a nonbank subsidiary of Zions Bancorporation.[6]

The Zions Bancorporation relationship

Zions retail footprint

Nevada State Bank has been an autonomous subsidiary of Zions Bancorporation since 1985. Salt Lake City-based Zions Bancorporation (Nasdaq: ZION) is a bank holding company with assets in excess of $51 billion. Zions is included in the S&P 500 and NASDAQ Financial 100 indices and is a national leader in SBA lending, public finance advisory services and agricultural finance. Zions Bancorporation operates its banking affiliates under local management teams and community identities through more than 500 full-service offices and 600 ATMs in 10 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah and Washington. In addition to community banks, Zions Bancorporation affiliates include Contango Capital Advisors, offering wealth management and investment advice, Zions Credit Corporation and Zions Agricultural Finance.[7]

Zions Bancorporation affiliated banks

Amegy Bank of Texas, California Bank & Trust, National Bank of Arizona, Nevada State Bank, The Commerce Bank of Oregon, The Commerce Bank of Washington, Vectra Bank Colorado and Zions First National Bank

Community reinvestment

In a recent audit by the FDIC, Nevada State Bank received an Outstanding rating for its activities supporting the federal Community Reinvestment Act.

In conjunction with the Federal Home Loan Bank of San Francisco, the bank participates in the WISH and IDEA grant programs, which offer renters with low-to-moderate incomes the ability to become first-time homebuyers by matching funds for down payments and closing costs. It also participates with the Federal Home Loan Bank of San Francisco to fund several large community projects, including one that enabled the Las Vegas Rescue Mission to construct a new dining hall and dormitory. The bank’s programs focus on services ensuring that education, affordable housing, human services and recreational activities are available to all residents of Nevada. This is accomplished in a multitude of ways, including monetary contributions, grant sponsorship, city and county projects, and employee volunteerism.[8]

Online and social media presence

In addition to its web site, Nevada State Bank sponsors a website that serves as a free clearinghouse and resource center for small businesses and entrepreneurs, including links to webinars, articles, blogs, and other resources designed to provide businesses with the information they need.

Nevada State Bank also maintains a presence on Facebook, Twitter and LinkedIn.


External links

Wikimedia Foundation. 2010.

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