Banks to open as Bank of Las Vegas Feb. 1
LAS VEGAS – Capitol Bancorp Limited (NYSE: CBC) received regulatory approval from the FDIC in January to consolidate its four local financial institutions, Desert Community Bank, Red Rock Community Bank, Black Mountain Community Bank and Bank of Las Vegas. The four banks will open as one charter, Bank of Las Vegas, on Monday, Feb. 1.
Bank of Las Vegas, which has more than $500 million in assets, will combine the client-driven atmosphere of the community banks with the sound, secure feel larger banks provide to offer the best of both worlds to its patrons.
“Following the successful consolidation and centralization of operations for nine of Capitol’s affiliates in the state of Michigan, we are deploying similar models to strategically realign our resources and their respective operations,” said Joseph Reid, chairman and CEO of Capitol Bancorp Limited. “We will create efficiencies and strengthen risk management practices, allowing Capitol Bancorp to more efficiently allocate capital and resources within the banks’ communities.”
Regional president of Capitol Bancorp in Nevada, Thomas Mangione, will serve as CEO and chairman of Bank of Las Vegas.
“We are fully confident that customers will not notice any changes in the quality customer service and community commitment they have grown to expect at each bank location,” Mangione said. “I have the utmost confidence that our existing team of bankers will continue to exceed our customer’s expectations.”
Pete Atkinson, formerly president of Black Mountain Community Bank, will serve as president and vice chairman of Bank of Las Vegas. Jim Howard, formerly president of Desert Community Bank, will serve as chief operating officer and community president of East Las Vegas for Bank of Las Vegas. Vincent Ciminise, formerly president of Bank of Las Vegas (single location), will serve as president of South Las Vegas of the new, four-office Bank of Las Vegas.
Capitol Bancorp Limited is a $5.4 billion national community banking company with a network of separately chartered banks in 17 states. Founded in 1988, Capitol Bancorp Limited has executive offices in Lansing, Mich. and Phoenix.
For more information regarding Bank of Las Vegas, call 702-990-5900 or visit www.bankoflasvegas.com.