City National will operate Nevada Commerce Bank’s two banking offices, both located in Las Vegas.
Nevada Commerce Bank had $145m in assets and $136m in deposits as of 31 December 2010. the bank said approximately $111m in assets will be subject to a loss-sharing agreement with the FDIC.
City National CEO Russell Goldsmith said that this cost-effective acquisition of Nevada Commerce Bank underscores City National’s commitment to Nevada, and it enhances the ability to serve a greater number of entrepreneurs, professionals and small and mid-size businesses in Las Vegas.
"When the integration is complete, the clients of Nevada Commerce Bank will enjoy the greater convenience, capabilities and financial solutions of the 27th largest American bank, which has seven offices in Las Vegas," Goldsmith said.
City National has had offices in Nevada since 2007 and currently employs about 90 residents. Statewide, the company has 10 branches, including two full-service regional centers in Las Vegas and Reno.
Nevada Commerce Bank’s branches will reopen on 11 April, as branches of City National and will continue to operate under the Nevada Commerce Bank name until later this year, and Nevada Commerce Bank’s clients can continue to use the same branches.
Nevada Commerce Bank is the 28th FDIC-insured institution to fail in the US this year, and the first in Nevada.
