Clark County Credit Union believes this is the right time to expand its business into North Las Vegas.
The credit union, with 36,000 members and $572 million in assets, recently opened it sixth branch at 6120 N. Decatur Blvd.
Clark County Credit Union now operates branches in North Las Vegas, Las Vegas and Henderson. Matthew Kershaw, CCCU president and CEO, said since the credit union did not have a physical location in North Las Vegas, “it made sense to us” to add one.
“We were attracted to the North Las Vegas market by the recent growth in new housing and business move-ins,” Kershaw told the Las Vegas Business Press. “The City of North Las Vegas is one of our approved core employer groups. When we found a good site in a low-banked neighborhood, we saw a way to support our … business partners.”
Kershaw also said he was happy with the brisk rate of new account sign-ups and consumer loans that have been written in the short period since the branch opened. Kershaw didn’t offer any specific data.
In the first six months of 2015, CCCU posted earnings of $6.62 million, compared with net income of nearly $12.3 million for 2014. At the Business Press’ deadline, CCCU had not announced third-quarter earnings.
Las Vegas firm finds new Austin home
A Las Vegas-based wealth management firm has decided to move most of its operations to Austin, Texas, next year. Kingsbridge Wealth Management will move four of its five employees to its new headquarters, David Dunn, the firm’s president and chief wealth strategist, told the Business Press.
Kingsbridge, founded in 2008, serves ultra-high net worth individuals, or those with $30 million in investable assets. He said his company “works with 12 families” in Nevada.
Dunn said Austin was chosen as a relocation site because of the city’s “large pool of highly educated young people to shop from,” including University of Texas graduates.
Kingsbridge’s Las Vegas office will remain open with one employee. The firm’s decision to move its headquarters to Texas was first reported by the Austin Business Journal.
Dunn has worked in wealth management for more than 20 years. Prior to founding Kingsbridge, he held positions at Bear Stearns, Morgan Stanley and Merrill Lynch.
JP Morgan, Mastercard launch new payments
Drive anywhere in Southern Nevada and you’ll notice the white and blue or sometimes black and blue signs that adorn Chase branches or ATM machines. The New York-based bank in recent years has expanded throughout the region.
Now Chase is going head-to-head with Apple Pay in mobile payments, announcing a deal with several major retailers, all well-known brands in Las Vegas. Chase Pay has signed deals with Walmart, 7-Eleven, Kmart and Best Buy.
By the middle of 2016, Chase’s 94 million credit, debit and prepaid cardholders will be able to pay at more than 100,000 stores nationwide. Gordon Smith, CEO of consumer and community banking with JP Morgan Chase & Co., expects Chase Pay to improve the customer experience and “drive down the cost of payments.”
Smith introduced Chase Pay at the Money 20/20 conference from Oct. 25 to 28 at The Venetian. The bank’s new mobile payment product is competing in a growing industry, which includes Apple Pay, Android Pay, Samsung Pay and now Mastercard.
The credit card company on Oct. 25 announced it would partner with banks and designers to create a line of accessories, including jewelry, fitness and smart bands, car key fobs and wearable technology that can handle contactless payments.
“As more and more ‘things’ become connected, consumers will have endless possibilities when it comes to how they pay, and will need all their devices to work seamlessly together,” said Ed McLaughlin, MasterCard chief emerging payments officer.
Three post profits
Here is a rundown of the latest earnings reports released by banks and credit unions based in Las Vegas or doing business here as a subsidiary of a larger, out of state-based financial institution:
Bank of Nevada, a subsidiary of Phoenix-based Western Alliance Bancorp, reported another positive quarter, with pre-tax income of $19.9 million, off slightly from the $21.2 million posted in the third quarter of 2014.
For the first nine months of this year, Bank of Nevada posted income of $57 million, up from $55.4 million last year. The Las Vegas-based bank also said its gross loan balance increased $18 million in the third quarter to $1.78 billion, and deposits increased $13 million to $3.33 billion.
City National Corp., parent company of City National Bank, reported third-quarter net income of $71.8 million, or $1.18 per share, compared to $69.9 million, or $1.17 per share, for the same period last year. The bank holding company posted revenue of $345.8 million in the quarter.
The third-quarter earnings report was the last one for City National Corp. as its merger with Royal Bank of Canada closes Nov. 9. The bank operates eight branches in Nevada.
Zions Bancorp, parent company of Nevada State Bank, reported third-quarter profits of $101 million, or 41 cents per share, up from $95.9 million, or 40 cents per share, from the same period last year. Revenue, a combination of interest income and noninterest income, jumped 4.4 percent to $556.2 million.
Chief Executive Harris Simmons said the company received regulatory approval to consolidate its seven subsidiary banks under a single national charter. The consolidation is expected to be completed Dec. 31, according to the company’s earnings statement.