Business Bank earnings hit record

Friday, Jan. 28, 2005 | 10:58 a.m.

Las Vegas-based Business Bank Corporation on Thursday said it earned a record $819,143, or 42 cents a share, for the fourth quarter.

The results easily beat the $599,430, or 32 cents a share, reported in the same 2003 quarter.

The company, which operates six Business Bank of Nevada branches in the state, said after-tax profit for the full year was $2.9 million, or $1.53 a share, compared with the $2.3 million, or $1.28 a share, reported a year earlier.

Assets reached $354.5 million on Dec. 31, up 27.5 percent from the $278.1 million on the same 2003 date.

Also this week, Business Bank announced that it is seeking to raise $5 million through a private stock placement. Similarly, the bank raised $5 million in the fourth quarter of 2004.

Business Bank Chief Executive John Guedry said that the total capital of $10 million should provide sufficient capital to fund growth plans over the next three or four years.

In the past year, Business Bank opened branches and lending centers in Reno and Minden in Northern Nevada and expects to open a North Las Vegas branch in April.

The company also announced plans for a 150,000-square-foot corporate headquarters and branch in Summerlin.