Nevada Banking teams up with First Security
The West’s second-largest independent bank holding company announced Wednesday that it has signed an agreement to acquire the Stateline-based Nevada Banking Company.
Tony Schopf, president and chief executive officer of Nevada Banking Company, said it is a positive move for the local bank, which is owned by about 300 shareholders, a majority of whom live in Lake Tahoe.
“We will be merging sometime in the spring of 1999 with First Security Corporation and First Security Bank, which is its Nevada subsidiary. It’s a very positive thing for the organization,” Schopf said.
Most of the corporation’s banks are in rural areas, such as South Shore, Schopf said, and it has the same kind of policies as Nevada Banking Company.
“Nevada Banking Company and First Security are equally committed to meeting the needs of local customers,” Schopf said. “First Security brings our customers a greatly expanded product line and access to more than 300 branches in seven western states. And unlike many large financial institutions, they believe in retaining local, responsive decision making.”
In addition to what the bank now offers, after the merger it will be able to provide customers with mortgage lending, insurance, brokerage service, leasing, trust service and financial planning.
A team is to be created with representatives of both agencies to come up with how the merger will impact the local company. However, Schopf said it probably will not cost many local jobs.
“First Security has no other locations in Northern Nevada, so that bodes very well for our employees,” he said. “We won’t be in a situation where we have branches closing or anything like that.”
Nevada Banking Company opened its Stateline office in 1981 and gradually grew to include full-service offices at Incline Village and Gardnerville, as well as an executive loan center at Incline Village.
First Security Bank operates 14 branches in Southern Nevada, and First Security Corporation is the oldest multi-state bank holding company, with almost 400 banking, insurance and investment offices in Utah, California, Idaho, Nevada, Oregon, New Mexico and Wyoming.
Schopf said there has been a “merger frenzy” in the banking business in recent years, and several banks looked at Nevada Banking Company.
“We are really pleased with the bank we’ve chosen,” he said. “We think it’s a very good institution, very responsible.”
First Security has high regard for Nevada Banking Company, too.
“Nevada Banking Company is a well-regarded community bank in the Tahoe area,” said Dave Smith, president and chief executive officer of First Security Bank of Nevada. “The acquisition allows First Security to expand into the Lake Tahoe area with a well-known partner.”
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