Effective January 29, 2010, the banks will consolidate into one charter, Bank of Las Vegas and all four locations will begin operating as Bank of Las Vegas on February 1, 2010.
The consolidated bank will be headed by Thomas Mangione, who will serve as the chairman and CEO. Joining Mr Mangione on the executive management team are Peter Atkinson, as president, James Howard, as president of East Las Vegas/chief operating officer and Vincent Ciminise, as president of South Las Vegas.
Joseph Reid, chairman and CEO of Capitol Bancorp, said: “The formation of a single entity furthers our strategy to conserve capital and increase operational efficiencies in the state of Nevada. We will leverage the collective strengths of the four banks to continue building on their existing foundations, help mitigate credit and operational risks, and establish advanced methods to improve processes, without disrupting our customers.”
Mr Mangione said: “We are confident that our customers will not notice any change in the quality customer service and community commitment they have grown to expect at each bank location. I have the utmost confidence that our existing team of bankers will continue to exceed our customers’ expectations.”
