The bank that almost wasn’t

Thursday, Feb. 12, 1998 | 10:50 a.m.

Customers who walk into Nevada First Bank's comfortable new 3,300-square-foot office at 2800 W. Sahara Ave. will see no evidence of the remarkable turn of events that rescued Las Vegas' newest financial institution from an uncertain fate.

Last summer, Nevada First was on the fast track for charter approval after having been capitalized quicker than any bank in the state's history -- $8.5 million in 16 days.

But then came an anonymous letter to Commissioner Scott Walshaw of the Nevada Financial Institutions Division. Basically, it accused bank board members affiliated with Del Mar Mortgage Co. of paying previous investors in the company with new investors' money. The claims were denied and refuted.

"Given the circumstances, the allegations couldn't be ignored," Walshaw said, recollecting the events that occurred in July. "We found nothing of the dimension stated in the anonymous letter, but due to the negativity of the letter, several members of the board of directors resigned."

Although the allegations were unfounded, the damage had been done. In early September, Michael Shustek, chairman of the bank's board and chief executive officer of Del Mar Mortgage, resigned as an officer. Also backing off as bank officers: Thomas Jurbala, co-owner and president of Del Mark, and John Blackmon, the bank's president and chief executive officer.

The three executives resigned to remove the dark cloud that had developed over the bank's formation. Although the opening was delayed, the resignations appeared to be the right move. New officers were appointed and the charter approval surged ahead.

Taking over as chairman of the board was James Rogers, owner and president of KVBC Channel 3, and the new chief executive officer is Dennis Guldin, a longtime Southern Nevada banking executive most recently affiliated with Sun State Bank in Las Vegas.

Neither are too enthusiastic when it comes to talking about the circumstances of last summer. For Guldin, it was a matter of taking on a new challenge in a new institution.

"They did everything they could do," Guldin said of the previous directors. "When I came on (on Oct. 25), I made changes that had to be made at the time, but it was like a new start."

Guldin built a staff composed of veterans of community banking, including several former Sun State executives who wanted to stay in a small environment after their bank was acquired by Utah-based Zions Bancorporation, owner of Nevada State Bank.

Among the new team members are Rachelle Porcaro, vice president and loan officer, administrative assistant Sandy Randall and Stuart Olson, vice president and credit administrator. Two former Bank of America executives also joined Guldin, Arvid Menon, executive vice president and chief financial officer, and Steve Gilbert, senior vice president and senior loan officer. Blackmon stayed on as director of business development.

"What was remarkable was that I got everyone I wanted to get here," said Guldin, whose desk is in the lobby of the building, located in the center of a row of financial institutions stretched along Sahara Avenue just west of Interstate 15.

"We're really excited about the location," said Guldin. "We are in here with a lot of the big guys."

Nevada First will offer loans to small and medium-sized businesses, consumer loans to businesses and individuals, term loans, lines of credit, construction loans and private banking.

As a small community bank, the emphasis is on service, Guldin said. That's why his desk is in the lobby, where the action is. Customer recognition will be stressed by the 10-person staff. While the bank's hours are 9 a.m. to 5:30 p.m., Monday through Friday, Guldin said customers can "tap on the door or give us a call" to bank by appointment.

The bank also operates a van to pick up and deliver loan documents, check deposits and forms. At some point the bank will look at opening additional branches.

Guldin stressed that Nevada First is in for the long haul, a point emphasized by Rogers, the board chairman.

"We have no interest in developing it (the bank) and selling it to a bigger bank," Rogers said. "Dennis has been here for years and so have the other people he has brought in. We really believe that banking is a service business and a personal business, with relationships like you have with your lawyer and your doctor.

Rogers also said the board takes an active role in the loan process.

"We have daily communications between the operating personnel and the board," Rogers said. "We do more than just meet once a month. We look at every loan and meet every week as a loan committee to advise the staff."

While the bank has been open since mid-January, its grand opening is scheduled Tuesday.