LV bank’s holding company reports net loss

Wednesday, Aug. 25, 1999 | 11:43 a.m.

The Phoenix-based holding company of Desert Community Bank in Las Vegas reported a loss for the six months ending June 30.

Sun Community Bancorp Ltd., which is building a network of small community banks in Arizona, Nevada, California and New Mexico, reported a net loss of $401,000 compared with net income of $268,000 for the first six months of 1998, according the company's first filing with the Securities and Exchange Commission.

Only three of the eight banks currently in operation existed in the first six months of 1998 and the 1999 losses were attributed to start-up costs.

Desert Community Bank started operations earlier this month and the holding company said it plans to organize two additional banks in Nevada and one each in California and New Mexico by the end of the year.

In early July, after the SEC filing, the company raised $26.4 million in an initial public offering to finance its Southwest expansion.