Plaza Bank has acquired certain assets and assumed certain liabilities of Las Vegas, Nevada-based SouthwestUSA Bank in a purchase and assumption agreement, including loss share arrangement, with the Federal Deposit Insurance Corporation (FDIC).
According to Plaza Bank, all SouthwestUSA Bank branch will now operate unders its brand name. Depositors of SouthwestUSA Bank will automatically become depositors of Plaza Bank. Deposits will continue to be insured by the FDIC.
As of June 30, 2010, Plaza Bank had $193.9m in assets, $152m in deposits, and $147.8m in loans net of allowance. The transaction is expected to increase Plaza Bank’s assets to approximately $409m and deposits to approximately $323m.
Gene Galloway, president of Plaza Bank, said: “This acquisition allows us to expand our presence into the Las Vegas market and we are excited to welcome our new banking clients to the Plaza Bank family.
“We see many overlaps between these markets and recognize that our strong business product line paired with SouthwestUSA’s private and professional banking makes for a great partnership. As a long time Las Vegas resident, I look forward to re-engaging with this community to support its future growth and recovery.”