FDIC OKs plans to consolidate local banks

By Sun Staff (contact)

Thursday, Jan. 21, 2010 | 4:33 p.m.

Capitol Bancorp Ltd. on Thursday said the Federal Deposit Insurance Corp. approved previously announced plans to consolidate four of its local financial institutions: Desert Community Bank, Red Rock Community Bank, Black Mountain Community Bank and Bank of Las Vegas.

Capital Bancorp, based in Lansing, Mich., and Phoenix, said the four banks will open as one charter, Bank of Las Vegas, on Feb. 1.

Bank of Las Vegas said it will have more than $500 million in loans and other assets.

The company says it combines "the client-driven atmosphere of the community banks with the sound, secure feel larger banks provide."

“Following the successful consolidation and centralization of operations for nine of Capitol’s affiliates in the state of Michigan, we are deploying similar models to strategically realign our resources and their respective operations,” Joseph Reid, chairman and CEO of Capitol Bancorp, said in a statement. “We will create efficiencies and strengthen risk management practices, allowing Capitol Bancorp to more efficiently allocate capital and resources within the banks’ communities.”

Regional president of Capitol Bancorp in Nevada, Thomas Mangione, will serve CEO and chairman of Bank of Las Vegas.

“We are fully confident that customers will not notice any changes in the quality customer service and community commitment they have grown to expect at each bank location,” Mangione said in a statement. “I have the utmost confidence that our existing team of bankers will continue to exceed our customer’s expectations.”

Pete Atkinson, formerly president of Black Mountain Community Bank, will serve as president and vice chairman of Bank of Las Vegas. Jim Howard, formerly president of Desert Community Bank, will serve as chief operating officer and community president of East Las Vegas for Bank of Las Vegas. Vincent Ciminise, formerly president of the single-location Bank of Las Vegas, will serve as president of South Las Vegas of the new, four-office Bank of Las Vegas.

Capitol also owns 1st Commerce Bank in North Las Vegas. That bank was supposed to be sold last year, but the sale fell through.

Bank officers couldn’t immediately be reached for comment on plans for 1st Commerce.