Bolstered by optimism in the economy in 2017 and concerns the Federal Reserve will continue to hike interest rates, Southern Nevada businesses are looking to borrow for growth and expansion plans, according to bank executives.
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Banking & finance
The Las Vegas Strip has reopened now that the fireworks and 2016 are officially in the books. Now, it’s time to look forward and consider what this year might hold for the local banking industry.
Wells Fargo said it’s reimbursed nearly 3,200 accounts in Nevada suspected of being fraudulently set up, but consumer advocates and lawyers continue to criticize the banking giant from blocking customers’ attempts to file a class-action lawsuit.
The final report is in and the U.S. Department of Agriculture has invested $1.35 billion in rural Nevada since 2009, according to report from its Rural Development office.
In a sign of good financial health of The Cosmopolitan of Las Vegas, its ownership has paid off an $875 million two-year loan, which was used to acquire the property some two months ahead of schedule.
The Nevada Bar Foundation and 29 local financial institutions are working together to support organizations that provide legal services to the more than 1 million state residents who qualify for legal assistance during a legal crisis.
Consumers shopping at Wal-mart and Sam’s Club stores in Southern Nevada will have a new way to pay beginning next year as the retailer continues to expand its payment options.
Real estate projects in downtown Las Vegas and other traditionally underserved areas could benefit from millions of dollars in tax credits awarded through a federal program aimed at enticing private investment in low-income areas.
Nevada was born in the fray of national politics on Oct. 31, 1864 — rushed into statehood by unionists working to solidify the re-election of Abraham Lincoln in the presidential race only two weeks later. The “Battle Born” state came under the national political spotlight again Tuesday, both for its coveted six electoral votes in the presidential race and a senate contest considered strategically important by both parties. Nevada ultimately bucked the national swing state trend by choosing Democrats in both races, but results from the 2016 vote are expected to have long-range economic ramifications for the state. The Las Vegas Business Press spoke with local leaders from industry and the academic world about what the election will mean for the state of business in the region.
Nevada credit unions continue to post increases in business loans, hitting $6.4 billion in outstanding loans as of June 30, a figure not seen since 2010, according to the Nevada Credit Union League. The outcome of a lawsuit against the National Credit Union Administration (NCUA) could see that figure rise even higher.
FDIC shows 11.1 percent of residents use prepaid card
Technology has impacted the number of bank branches. Customers can access accounts and services online, and a growing number are using their mobile phones for that purpose. This is decreasing branch demand and putting pressure on banks to reduce their number. Technology has impacted the number of bank branches. Customers can access accounts and services online, and a growing number are using their mobile phones for that purpose. This is decreasing branch demand and putting pressure on banks to reduce their number. Seeing how technology impacts their own retail business, banks have given greater scrutiny to loans for new commercial developments and the refinancing of loans for some shopping centers.
William Dunkelberg, chief economist for National Federation of Independent Business visited Las Vegas Sept. 14 and 15. He met with some of the 1,700 members it has in Nevada to talk about the direction of the economy and challenges facing small businesses.
Choosing a bank or even making a decision to leave your financial institution involves more than deciding where to open a new account.
The three bankers, John Guedry, CEO of Bank of Nevada; Ryan Sulllivan, president and CEO of Bank of George; and Kirk Clausen, Nevada region president for Wells Fargo appeared Sept. 8 at the Las Vegas Country Club luncheon sponsored by the Commercial Real Estate Women Las Vegas, a newly formed group also known as CREW Las Vegas.
Watch out Los Angeles and San Francisco. Both may be top-tier real estate markets, but other cities, including Las Vegas and Henderson, are attracting investors looking to capitalize on secondary markets whose economies were slower to rebound from the recession.
Government agencies, banks and consumer advocacy groups have been trying to find ways to clamp down on the predatory nature and proliferation of payday and title loan businesses.
Linda Ayres, a loan consultant at New American Funding’s Las Vegas office, was chosen earlier this year to sit on the newly formed Department of Housing and Urban Development’s Housing Counseling Federal Advisory Committee, created to help design HUDS’ future efforts on homebuyer education.
A new report from the Brookings Institution, a Washington, D.C.-based think tank, said Las Vegas ranked No. 63 out of 100 metropolitan areas in number of advanced industry jobs with 32,967. That’s a cluster of high-paying jobs in manufacturing, technology, engineering and other sectors. While the number may seem disappointing to those wanting a more diverse economy, Las Vegas is making progress. Between 2013 and the end of 2015, it grew by 3.4 percent a year in adding those jobs. That’s ranked 32nd in the nation.
The asset quality for Nevada’s locally chartered banks continued to improve in the first quarter of 2016, according to data released by a federal agency.
The financial industry has learned from the Great Recession and downturn that resulted from the real estate collapse and is better for it today. That’s the message from Nevada State Bank CEO Dallas Haun, who said the 56-year-old institution took a broader approach when it was reorganized in 2010; and that model has served it well since.
Indexes that measure the future of the Las Vegas in the coming months are headed in the right direction, according to a report from the Center for Business and Economic Research at UNLV.
American investors are more optimistic in the financial markets after a rocky first quarter, according to a new survey from Wells Fargo and Gallup.
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