Nevada Security Bank
Nevada Security Bank was incorporated under the laws of the State of Nevada on February
26, 2001, and was licensed by the Nevada Commissioner of Financial Institutions
and commenced operations as a Nevada state chartered bank on December 27, 2001.
The Bank's website is
www.nevadasecuritybank.com.
Nevada Security Bank ("NSB") operates from its head office in Reno, Nevada. Additional
Reno branches are Moana and MaeAnne. The Bank also has a branch office in Incline Village, Nevada as well as Roseville, California.
Incline Village is located on the north shore of Lake Tahoe, Nevada, approximately
25 miles south of Reno, Nevada. Roseville is located in the
Sacramento, California environs about 124 miles southwest of Reno, Nevada. The
California branch is separately branded as Silverado Bank, a division of NSB.
Silverado Bank also focuses on government guaranteed loans through the Small Business
Administration or SBA.
As an independent community oriented commercial bank, Nevada
Security Bank offers a full range of consumer and commercial banking services primarily
to the business and professional community and individuals located in two primary
areas: Washoe and Douglas Counties and Carson City in Nevada and Placer and Sacramento
Counties in California.
Nevada Security Bank has a full complement of lending activities, including commercial
and industrial, real estate construction, real estate mortgage, as well as agricultural
and consumer loans with particular emphasis on short and medium-term obligations.
Nevada Security Bank's loan portfolio is not concentrated in any one industry, although
approximately 80% of Nevada Security Bank’s loans are secured by real estate which
has not significantly changed over the past three years. A loan may be secured (in
whole or in part) by real estate even though the purpose of the loan is not to facilitate
the purchase or development of real estate.
As of December 31, 2008, the principal areas in which we directed our lending activities
and the percentage of our total loan portfolio for which each of those areas was
responsible were as follows: (i) loans secured by real estate 80%; (ii) commercial
and industrial (including USDA) loans, 18%; and (iii) consumer loans 2%.
Nevada Security Bank offers a wide range of deposit instruments including personal
and business checking accounts and savings accounts, health savings accounts, interest-bearing
negotiable order of withdrawal accounts, money market accounts and time certificates
of deposit. Most of Nevada Security Bank’s deposits are attracted from individuals
and from small and medium-sized business-related sources. Its deposits are insured
under the Federal Deposit Insurance Act up to applicable limits and subject to regulations
by that federal agency. The Bank is subject to periodic examinations of its operations
and verification of compliance with applicable laws and regulations issued by the
FDIC and the Nevada Financial Institutions Division.
As of December 31, 2008 the Bank had 9,431 deposit accounts with balances totaling
approximately $466.0 million, and as of December 31, 2007 there were reported 7,512
deposit accounts with balances totaling approximately $451.3 million, compared to
9,512 deposit accounts with balances totaling approximately $447.0 million at December
31, 2006. After the data conversion in December, 2006 to accommodate the purchase
of Northern Nevada Bank, the Company purged closed and zero balance accounts which
led to a reduction of 3,807 deposit accounts that were reported open as of December
31, 2006. We attract deposits through our customer oriented product mix, competitive
pricing, and convenient locations where all are provided with the highest level
of customer service. Further, we offer shared ATM and point-of-sale (POS) networks
to allow customer access to national and international funds transfer networks,
as well as remote capture devices to speed customer deposit funding efficiency.
In addition to the loan and deposit services, Nevada Security Bank also offers a
wide range of specialized services designed to attract and meet the needs of commercial
customers and personal account holders. These services include cashiers' checks,
travelers' checks and foreign drafts. Nevada Security Bank does not operate a trust
department; however, it had, prior to December 31, 2008, made an arrangement with
a private trust company to offer trust services to its customers on request. It
is uncertain at this time whether such an arrangement may be made with another local
trust company during 2009. Most of Nevada Security Bank's business originates from
within Washoe and Douglas Counties and Carson City, Nevada; however, the six counties
which comprise the Sacramento, California SMSA provide a substantial source of additional
business through Silverado Bank, a division of Nevada Security Bank. Neither Nevada
Security Bank's business nor liquidity is seasonal, and there have been no material
effects upon Nevada Security Bank's capital expenditures, earnings or competitive
position as a result of federal, state or local environmental regulation.