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First Security Bank News

First Security Bank of Nevada Announces Change of Control

August 4, 2011 LAS VEGAS--(BUSINESS WIRE)-- First Security Bank of Nevada ("FSB") announces successfully obtaining a considerable capital investment assuring the financial stability and liquidity of this important Las Vegas- based community bank.

An Investor group, led by Jason A. Awad, and including Toomas Rebane, M.D., Ph.D., and Eva Garcia-Mendoza, secured written approval from the Federal Deposit Insurance Corp. and the Nevada Financial Institutions Divisions to acquire a significant ownership interest in FSB upon payment of $14,000,000 in cash funds.  

The FSB recapitalization and stock acquisition by the investor group was completed August 3, 2011. THe financial strength and liquidity of First Security Bank shall be immediately and dramatically improved with the funds from this prominent local investor group.  

The arduous regulatory approvals attest to the FDIC conclusion regarding the financial credibility of the investor group, and their prior proven experience and leadership in banking. Mr. Awad was the former chairman of the board with Business bank of Nevada, which successfully merged with City National Bank in 2007. All members of the investor group were previously FDIC approved as directors, and shall be actively involved as directors for FSB. Mr. Awad acknowledged the important efforts of the FDIC and NFID, which resulted in an expedited approval process and a positive outcome in Las Vegas banking.  

Mr. Awad emphasized that a substantial economic engine for the local Las Vegas community is active community bank participation - as provided by First Security Bank. Mr. Awad anticipates that the recapitalized First Security Bank shall promptly become a model of banking transparency, integrity and growth, with an unrelenting commitment to the business interests and economic vitality of Las Vegas. Mr. Awad stated, "We are all about community and our customers first...I think many people will be suprised and pleased at the performance, enthusiasm and service we shall deliver to our customers and Las Vegas."  

FSB was founded in 2006 and is located at 10501 West Gowan Road, Suite #170, Las Vegas, NV 89129.