LV bank to take new name

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Thursday, April 1, 1999 | 11:22 a.m.

Chief Executive Officer Rich Robinson said the Las Vegas bank, which was chartered as a thrift, has received FDIC approval to become a commercial lending institution. Robinson said the name change also was undertaken to eliminate the mistaken perception that the bank was affiliated with Minneapolis-based U.S. Bank.

The bank, which has deposits of $26 million and assets of $32 million, will focus on personalized service, Robinson said.

"With all the recent bank mergers, many businesses have found themselves talking to VoiceMail rather than people and trying to deal with decision makers in far-off places," Robinson said.

The company will be structured to focus on business loans and lines of credit that will help local companies develop and expand.

Because of the name change, the bank had to be recapitalized and Robinson said U.S. Savings Bank funds were a part of that.

The Bank of Commerce, which has been chartered by the state Financial Institutions Division, will take on the new name around April 19 and will operate from 5811 W. Sahara Ave.